Altcoins, Cryptocurrency, News, Price Analysis

Can Celsius (CEL) Hold On as Its $120M Repayment Catalyzes a Mini-Rally?

Platforms offering cryptocurrency services remained in a fix within the past couple of weeks, and Celsius saw worsening conditions as the broad market turmoil escalated.

However, it wasn’t the only project on the list. On 4 July, a crypto platform Vauld halted its services because of the current market volatility. Nevertheless, the Celsius Network appears to find its way back, helping its investors and the native token.

Celsius Heats Up Amid Crypto Winter

Celsius has been reviving figuratively and literally. For instance, it repaid Makers DAI worth approximately $120 million. It borrowed the sum to avoid its business collapse. Nevertheless, live data shows Celsius hasn’t repaid all the borrowed cash, with outstanding debts of DAI worth $82 million.

Nonetheless, the CEL token saw surges even with the network dealing with a debt dilemma. The alternative coin has gained more than 68% within the past day, closing beyond the $1 level. Nevertheless, bearishness followed, and CEL lost 8.29% to $0.96 during this publication.

Nevertheless, the repayment news triggered improved investor mood as CEL enthusiasts confirmed their presence. CEL investors short the asset, generating liquidation worth $1 million within the past two days. That was the 2nd incident in a month, as short liquidations surpassed $1.7 million on 20 June and 21. That came when CEL surged by 319.61%.

Lucrative Future for CEL?

Meanwhile, the mentioned info doesn’t imply a guaranteed upside for CEL in the future. For instance, the Parabolic SAR indicates an imminent downtrend for the alternative token. Though the RSI (Relative Strength Index) remained inside the bullish territory, it displayed a downswing at this publication.

Such narratives might affect investors who started enjoying returns this month following the June bullishness that saw CEL up 808% beyond the opening price at one moment. As most on-chain transactions were in profit, transaction volume remains the index that might disturb investors.

That platform registered transaction volumes matching the Feb and March levels. Furthermore, about 95% of CEL investors stay far from assured profits, putting the 5% in a challenging spot.

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Editorial credit: FellowNeko / shutterstock.com

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