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  • Celer Price has risen over 5% over the last 24 hours to trade set a new all-time high around $0.1242
  • CELR remains bullish as it trades within the confines of an ascending parallel channel.
  • Celer Network coin price prediction is bullish as it aims for a 19.64% rise to areas above the $0.130 level.
  • The overbought RSI and the TD Sequential indicator on the 12-hour timeframe hint at a possible correction in the Celer price soon.

Celer price has rallied approximately 20% today from the opening price around $0.1042 to set a new record high at $0.1242. The CELR price is up 5% over the last 24 hours with a trading volume of $429,515,57 which has increased by over 67% over the same time frame, according to data from CoinMarkeCap.

The current rally in the Celer Network Token price is attributed to increased use of cross-chain bridges and significant investments from several capital ventures.

Celer Price Rally Linked To Its Bridge To Arbitrum

The Celer Network is a layer-two scaling solution platform that utilises off-chain transaction handling. It is designed to increase the transaction throughput and  scalability of its blockchain network.

CELR’s bullish outlook started on September 08 when the MACD indicator sent a buy signal when it crossed above the signal line. This bullish outlook was also confirmed on September 13 when the golden cross was formed on the daily chart. This happened when the 50-day SMA crossed above the 200-day SMA indicating increasing bullish momentum.

This has led to a massive climb upwards that has seen Celer Network Token rally 94% from $0.0644 on September 12 to record a new all-time high (ATH) around $0.1242 earlier today.

Buyers’ demand for CELR has increased due to increased investor use of the CELER bridge to carry out token migrations from multiple blockchains. The latest to be launched on the platform is the Arbitrum solution. CELER’s bridge also allows users to work around the seven-day withdrawal process that is currently required to remove assets from Arbitrum.

The current CELR market capitalisation stands at $643,736,259 having increased by more than 5.32% over the last 24 hours.

Continued Celer Price Rally Could Take It To $0.13

Note that Celer continues to trade within the confines of the ascending parallel channel which shows that it remains bullish. CELR price hovers around $0.109 on most crypto trading platforms as bulls aim to push the price even higher. Note that Celer has to discover support at today’s opening price at $0.1042 to maintain the bullish momentum. A daily closure above this level would see the Celer Network coin rise higher to tag the $0.120 mark. A clear bullish breakout will be achieved once CELR breaks above this level to tag the tip of the upper boundary of the ascending parallel channel at $0.130. This represents a move of approximately 19% upwards from the current price.

CELR/USD Daily Chart

Celer Price Daily Chart
Celer Price Daily Chart. Source: Tradingview

Celer’s bullish narrative is validated by the upsloping moving averages and the positive Parabolic SAR. The continued upward movement of the MACR away from the neutral line (zero line) indicates that the CELR market momentum is significantly bullish. Moreover, the entry of the RSI into the overbought region at 76.60 shows that the bulls are currently in control of the Celer price.

These bullish technical indicators plus the fact that CELR sits on a strong support provided by particlarly the $0.0561 level embraced by the lower tip of the rising channel, the 50-day SMA at $0.051, the 200-day SMA around the $0.0470 area and 100-day SMA at $0.040 validate Celer’s bullish narrative.

How Can CELR’s Bullish Narrative Be Invalidated?

It is worth noting that the RSI shows that the Celer Network coin is currently overbought. This means that the current bullish momentum may soon get overheated and we could see a correction soon.

The TD Sequential indicator validates this bearish thesis. It has opened a sell-signal as seen on the 12-hour chart. This happened when the green nine candlestick appeared yesterday anticipating a one to four 12-hour candlesticks correction. The TD sequential is an indicator that accurately identifies a turning point in the price trend of an asset or an index. Essentially, on any time frame, if the chart of an asset shows nine consecutive candles above or below the closure of four candles prior, then it prints a TD9.

CELR/USD 12-hour Chart

Celer Price 12-Hour Chart
Celer Price 12-Hour Chart. Source: Tradingview

If this happens, the Celer price may be forced to discover support and pause at the $1.042 mark before re-starting the bullish leg. However, if things go absolutely awry for CELR bulls and it falls below this level the token may drop towards the $0.0933 support wall. A drop further could see the Celer price tag the $0.090 psychological level or the $0.081 support wall.

How to Buy Celer

If you want to know how to buy  cryptocurrencies such as Celer Network, you can do so on the top exchanges such as, Binance, OKEx, CoinTiger, HitBTC, and ZT. You can find others listed on our crypto exchanges page.

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