Sahana Vibhute
Ever since the LUNA-UST crisis knocked on the doors, the crypto space appears to be in deep waters. Followed with a liquidity crisis with a couple of platforms, traders’ confidence was shaken up to a large extent. Celsius Network with its recent filing of bankruptcy has further fueled the bears who now intend to bring down CEL price to its knees.
The CEL price dropped more than 50% when the company filed for bankruptcy and later recovered notably as the community attempted a short squeeze. Previously, when a similar action was accomplished, the CEL price surged by more than 150%. But the present attempt appears to have gone in vain as the asset despite minor bounces still hovers within a bearish range.
As mentioned in the chart, the CEL price, trading within a symmetrical triangle is approaching the apex which is said to be a decisive phase. The recent attempt appears to have created instability and hence a notable rejection may be in-line. Moreover, the price could coil up as it approached the decisive phase, but the next breakout still remains misty.
On the other hand, the CEL price pump is appearing more or less than a predetermined one, similar to that of the LUNC (LUNA then) price jump. And if the history repeats then the CEL price may also drop hard below $0.1, adding up to zero in its value. Conversely, if a positive breakout assists the price surge beyond $1, then the Celsius Network price could halt the descending trend for a while.
