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Celsius: Latest developments and an assessment of where CEL would go next

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Celsius: Latest developments and an assessment of where CEL would go next

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  • Celsius Network to file a motion to extend the deadline within which its users can submit their claims.
  • CEL, on a daily chart, exhibited various signs of bullish and bearish divergences. 

Bankrupt crypto lender Celsius Network, in a series of tweets published on 29 December, announced its plans to request an extension of the deadline for its users to submit their claims.

According to the disgraced lender, the extension of the timeline was so that it could:

“Provide account holders with additional time to file any proof of claim.”

The current deadline of 3 January would be extended until at least 10 January, when the bankruptcy court will hear the motion. Then, if approved, the deadline would be extended until early February.

The creditors of the crypto lender are reportedly growing anxious as the company’s administrative fees continue to accumulate since its July bankruptcy filing. According to a recent report from the Financial Times, the fees charged by bankers, lawyers, and other advisers in the bankruptcy case have reached $53 million until press time. 

Read Celsius Network’s [CEL] Price Prediction 2023-2024

This raised concerns among creditors as the company sought to extend the deadline for users to submit their claims. Many have deemed this to be a delay tactic by Celsius to escape full restitution of owed sums. 

CEL struggling to push back bears

As of the time of writing, Celsius’ native token, CEL, exchanged hands at $0.4576, data from CoinMarketCap revealed. 

After the FTX debacle in early November caused the altcoin to close the trading month at an index price of $0.50, as FUD gradually left the market in early December, the price per CEL rallied to trade at a high of $0.76 on 8 December. This represented a 52% growth in price in just a week.

The price rally, however, did not last long. After peaking at the $0.76 price high, CEL’s value soon dropped by 41% until press time.

An assessment of CEL’s performance on a daily chart revealed consistent growth in its Money Flow Index (MFI), even as its price declined in the past three weeks. 

This created a bullish divergence that indicated that strong buying pressure lingered in the CEL market, and its investors were willing to buy the token even as its price fell.

However, a closer look at its Moving Average Convergence Divergence (MACD) painted a clearer picture. In the past three weeks, the 12-period EMA had been placed above the 26-period EMA, which meant that the MACD had shown bullish signs. 

How many CELs can you buy for $1?

However, a consistent decline in price within the same period indicated that the bullish trend in the MACD was not strong enough to overcome the downward pressure on the price.

Hence, even though investors remained keen on accumulating, the bears’ determination to keep the price down exceeded the bull’s willpower to ensure a further rally. The position of the Relative Strength Index (RSI) at 40.34 and the Chaikin Money Flow (CMF) at -0.42 confirmed this.

Source: TradingView


Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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