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CEL Technical Analysis: At a Crucial Stage, Buying Pressure May Lead to a Price Test at $6.75

CEL Technical Analysis: At a Crucial Stage, Buying Pressure May Lead to a Price Test at $6.75

Rate this post The Celsius platform provides all-in-one banking and financial services for cryptocurrency users. It was launched in June 2018 to offer loan services and wallet-style payments in addition to rewards for cryptocurrency deposits. Let us look at the technical analysis of CEL. Past Performance The current price of CEL is $5.07, which is down by 3.30% in the last 24 hours resulting in an equivalent increase in the market cap by 1.36%. In the last 24 hours, CEL traded between $4.99-$5.29. https://www.tradingview.com/x/SA00K7HW/ CEL Technical Analysis The price of CEL is at its February month’s resistance level. After accumulating for more than six months, a breakout from this range will form a rally for CEL. However, we have to see if the indicators are saying the same things or not. Also, a total of $12.8M was paid as a reward, and more than $3.2M was spent in bitcoins this week. So, it was certain to make some correction after paying rewards. Currently, the RSI is at 67.20%, rose after taking support at 59.63%, suggesting an increase in selling pressures. In the month of August, the RSI made lower highs, however, the trend has changed. The buying pressures are overtaking the selling pressures in the market. MACD and EMA lines are above the zero range, suggesting a buy. However, there is a bullish crossover on the chart. The MACD has overtaken the EMA, suggesting buying pressures are high on this horizon. On the daily chart, the OBV broke its downtrend and is moving upward, suggesting appreciation in the volume. Day-Ahead and Tomorrow The price is at a crucial stage, a slight push in the buying pressure might lead to a price test immediately at $6.75. Thus, the market is crucial for CEL. If the price faces rejection, it might break down. Moreover, if the price falls on the chart, it will try to take support at $5.67. A breakdown from this will highlight the support level at $4.97. Then, traders can take a short position accordingly.

The post CEL Technical Analysis: At a Crucial Stage, Buying Pressure May Lead to a Price Test at $6.75 appeared first on Cryptoknowmics-Crypto News and Media Platform.

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The Celsius platform provides all-in-one banking and financial services for cryptocurrency users. It was launched in June 2018 to offer loan services and wallet-style payments in addition to rewards for cryptocurrency deposits. Let us look at the technical analysis of CEL.

Past Performance

The current price of CEL is $5.07, which is down by 3.30% in the last 24 hours resulting in an equivalent increase in the market cap by 1.36%. In the last 24 hours, CEL traded between $4.99-$5.29.

TradingView Chart

CEL Technical Analysis

The price of CEL is at its February month’s resistance level. After accumulating for more than six months, a breakout from this range will form a rally for CEL. However, we have to see if the indicators are saying the same things or not.

Also, a total of $12.8M was paid as a reward, and more than $3.2M was spent in bitcoins this week. So, it was certain to make some correction after paying rewards.

Currently, the RSI is at 67.20%, rose after taking support at 59.63%, suggesting an increase in selling pressures. In the month of August, the RSI made lower highs, however, the trend has changed. The buying pressures are overtaking the selling pressures in the market.

MACD and EMA lines are above the zero range, suggesting a buy. However, there is a bullish crossover on the chart. The MACD has overtaken the EMA, suggesting buying pressures are high on this horizon.

On the daily chart, the OBV broke its downtrend and is moving upward, suggesting appreciation in the volume.

Day-Ahead and Tomorrow

The price is at a crucial stage, a slight push in the buying pressure might lead to a price test immediately at $6.75. Thus, the market is crucial for CEL. If the price faces rejection, it might break down. Moreover, if the price falls on the chart, it will try to take support at $5.67. A breakdown from this will highlight the support level at $4.97. Then, traders can take a short position accordingly.

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Source: https://www.cryptoknowmics.com/news/cel-technical-analysis-at-a-crucial-stage-buying-pressure-may-lead-to-a-price-test-at-6-75/

Blockchain

Pakistani high court orders government to regulate crypto in three months

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The High Court of Sindh (SHC), the highest judicial body in Pakistan’s Sindh Province, has asked the government to come up with modalities for cryptocurrency regulation.

According to Pakistani English daily The Express Tribune, the SHC gave the instruction while hearing a petition brought before the court challenging the legality of the country’s 2018 crypto ban.

The SHC instructed regulators such as the Securities and Exchange Commission of Pakistan (SECP) and the central bank to work with government agencies such as the Ministries of Information Technology and Law to develop crypto regulations within three months.

As part of the proceedings, the SHC also requested that a report on the steps taken to regulate cryptocurrencies be submitted in the same time period.

As previously reported by Cointelegraph, the SECP has been considering crypto regulations since November 2020.

Combating money laundering and terrorism financing is reportedly at the heart of government consultation surrounding cryptocurrencies especially amid pressure from the Financial Action Task Force.

The SHC’s instruction on Wednesday puts Sindh as the latest province to demand some form of recognition for cryptocurrencies in Pakistan.

Back in December 2020, the Khyber Pakhtunkhwa assembly called on the federal government to legalize crypto. At the time, the lawmakers pointed to the broad-based nature of digital currency adoption as an indication that cryptocurrencies were poised to replace fiat in the future.

Related: Pakistan’s central bank is ‘carefully studying’ CBDCs, says governor

In March, Khyber Pakhtunkhwa, another of Pakistan’s four provinces, announced plans to pilot crypto mining farms in the region.

Meanwhile, the State Bank of Pakistan (SBP), like many other central banks across the world, is also studying central bank digital currencies.

In a separate crypto-related case before the Lahore High Court involving stakeholders such as the SECP, the SBP and the federal government, the court asked for participants to present legal points on the matter in subsequent proceedings.

Lahore is the capital of Punjab, another of Pakistan’s four provinces.


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Source: https://cointelegraph.com/news/pakistani-high-court-orders-government-to-regulate-crypto-in-three-months

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Blockchain

Supra Partners #25 — SupraOracles partners with Web 3.0 powerhouse reBaked

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SupraOracles

SupraOracles is delighted to partner with reBaked on a variety of projects in the NFT, metaverse, and DAO (decentralized autonomous organization) space. reBaked is a crowd building DAO platform that grows Web 3.0 ecosystems and finds innovative solutions to DeFi’s most pressing challenges.

SupraOracles will supply real-time data feeds for reBakeds Playshare, an exciting play-to-earn platform that encourages creativity and community gameplay. SupraOracles’ oracle services also track off-chain voting data and distribute it on the blockchain, allowing DAOs to execute decisions transparently — a solution that will be used for reBaked BUILD. Other reBaked-SupraOracles collaborations include cross-chain bridges for NFTs in the metaverse, fast-paced hackathons using reBaked’s CrowdHack, and other stealth-mode projects.

Nikolaos Kostopoulos, Co-Founder of reBaked, commented: “We are excited to work closely with the SupraOracles team, which is undoubtedly one of the strongest technical teams we have worked with. This is verifiable by the number of grants they have received from leading blockchains and tech organisations such as NEAR, Arweave, Digital Ocean, Polygon, Tezos, Dfinity, Zilliqa, and more. SupraOracles team will play an integral role in bringing to life promising projects such as reBaked BUILD, Pioneers, and PlayShare which are DAPPs and Governance Protocols with case studies that involve external data.”

Joshua D. Tobkin, CEO and Co-founder of SupraOracles, commented: “reBaked’s impact in the Web 3.0 ecosystem is admirable, to say the least. We are proud to be working with them on such a diverse range of projects! SurpaOracles is looking forward to a long-term and symbiotic partnership with reBaked.”

About SupraOracles

SupraOracles strives to bridge the gap between traditional capital markets and the Web3.0 ecosystem. Our vision and driving mission is to empower the developer community with a novel oracle toolset so that they may conveniently create, deploy, and manage data applications with superior performance, robustness, and agility.

Our project is supported by seasoned professionals with experience in the architecture of consensus mechanisms, randomness research, real-time data services, investment banking, digital securities, traditional stock exchanges, big data, doctoral academia, big 4 consulting, blockchain/DLT, and DeFi.

Together with our developer community and growing list of partners, SupraOracles aims to solve the oracle dilemma and ultimately, power the future of finance.

Join SupraOracles’ community: Website | Twitter | Telegram | LinkedIn | Announcements | Medium

About reBaked

reBaked is building a set of governance, management, and operations tools for DAOs and Web 3.0 ecosystems to better distribute and manage their treasuries- by focusing on value creation.

Our projects across different niche markets help networks to align incentives with contributors- safeguarding the long-term success, and financial well-being of blockchain ecosystems. Tools are designed to offer collaboration tools, growth mechanisms, and governance infrastructure to help projects achieve shared goals

Our protocol allows Web 3.0 Projects to get enhanced deliverables faster, build stronger community bonds, decentralize faster, and achieve a better return of value to the stakeholders.

Our native token $BAKED is backed by ecosystem treasuries accumulated by incubated projects, which are actively managed by the RBKD DAO.

Join reBaked’s Community: Telegram Community | Twitter | Youtube | Medium | Announcements

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Source: https://medium.com/@SupraOracles/supra-partners-25-supraoracles-partners-with-web-3-0-powerhouse-rebaked-da94149bf670?source=rss——cryptocurrency-5

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China asks McDonald’s to Expand Digital Yuan Use Across Outlets, Here’s Why

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By

Prashant Jha

Published 5 seconds ago Updated 5 seconds ago

China is now looking for an aggressive digital yuan push right before the winter olympics. The national soverign digital currency whose development was completed in 2019 is currently being widely tested across various provinces in China before the official launch. The latest report from Financial Times noted that the Chinese government has asked fast-food giant McDonald’s to expand digital yuan use across its chain.

Digital yuan is currently being accepted as payment across 270 outlets across China, however, the report suggests the Chinese authorities want the fast-food outlet to increase digital yuan acceptance along with the likes of other retail giants such as VISA and Nike. One of the spokespeople for McDonald’s in China said,

 “Shanghai is our pilot city and we will learn from customers’ response.”

Is China Planning Official Digital Yuan Launch by Winter Olympics

China is currently at the forefront 0f CBDC development compared against nearly 180 other countries working towards their own soverign digital currency. The reason for its advancement in the field could be attributed to an early start. China ordered the development of the digital yuan back in 2014 and it was finally completed after five years. While speculations about a possible official launch have been rife since the last quarter of 2019, the latest push before the Winter Olympics indicates a possible launch before the games.

A majority of the other nations working towards their CBDC are years behind, but most recently France tested the use of CBDC in government bond settlements and carried out nearly 500 operations during the trial. South Korea and Russia have stated that the pilot programs for their CBDC would begin by early 2022, while the United States is still in the pre-development phase.

Many believe the most recent crackdown and crypto ban imposed by the Chinese Central Bank was done keeping the launch of the digital yuan in mind. Given the governance in China, the government doesn’t recognize any private digital assets as a form of currency or exchange.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/china-asks-mcdonalds-to-expand-digital-yuan-use-across-outlets-heres-why/

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