The Celsius price has experienced a 4.4% jump in the last 24 hours to trade at $0.2711 as of 8:40 pm EST.
The Celsius trading volume jumped 76.5% in the last 24 hours to $3.38 million, bringing its weekly performance to a 23.9% gain, following court approval of a restructuring plan that will give clients the opportunity to recover their money in Bitcoin and establish a new business that Celsius’s creditors will control.
Investors rushed into the CEL trades, which caused the price to rise 36% from its consolidative stage support zone of $0.11.
The Company is working to implement the Plan and is expected to emerge from Chapter 11 in early 2024.
— Celsius (@CelsiusNetwork) November 10, 2023
Celsius Price Poised To Reach New Highs
The price of CEL exhibits a strong recovery comeback as it emerges from a protracted consolidation phase. This breakthrough has launched a bullish trend.
The strong support zone at $0.11 indicates that there may be a long-term bullish trend, providing the required impetus for the bulls to aim for the $0.68 resistance level breakthrough.
The price of CEL has continuously maintained a higher position above the 200-day and 50-day moving averages. This steadiness further supports the bullish viewpoint, as the price of CEL is currently immediately supported by these moving averages. Despite resistance around $0.36, the bulls seem resilient, pushing back the price.
The relative strength index shows an uptrend, rebounding from 39 to 83. Although there is a slight pullback, the general trend for the RSI looks bullish as it bounces again at the 56 level. If the momentum sustains, the RSI could rise above the overbought zone of 70.
Celsius Price Prediction
CEL is poised to exploit new highs as the bulls show resilience, rebounding on the 50-day and 200-day moving averages. With this support, the bulls may find new wings to fly to higher prices, aiming at the $0.69 resistance level.
Conversely, if the $0.36 resistance level remains resilient, the bears might take advantage and correct the price to recoup their losses.
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