CELR, the official native token of the Celer Network, has experienced a sharp drop from its previous week’s high of $0.031 and recorded a disappointing -16% in today’s trading session. While several cryptocurrencies have demonstrated weakness in their prices, the Celer Network Token has been the biggest loser in the last 24 hours.
Lately, the general market sentiment has changed drastically. Most traders who were calling for a bull market after the BTC rally in the previous week are now bearish due to a price decline in major cryptocurrencies. Will the bulls show strength and prevent further losses for Celer’s network token?
CELR Bears on a Mission, Will Further Losses Follow?
Bears are on a mission as they move on a track to erase two weeks of gains for the Celer Network Token. The current price action is a result of CELR investors taking profits from the recent Bitcoin price rally, where the cryptocurrency hit $30,000 for the first time since June 2022.
The native token of the Celer Network was on the move and hit a 7-day high of $0.031 after BTC bulls drove up the price and lifted the entire market with the digital asset.
At the time of writing this article, the data from Coinmarketcap shows CELR is trading at $0.023, a notable dump compared to last week’s price. Bulls may have to act now in order to defend what is left of the Celer Network Token’s gains from the previous week.
The CELR price is returning to a crucial support price zone of $0.023 and could be just the right place for bulls to gain momentum and reverse the bearish trend. However, the price of Bitcoin is a crucial price determinant for the crypto market and could determine the fate of CELR in the coming days.
At the time of writing this article, Bitcoin is trading at $27,327 and is currently facing resistance at $27,800, according to a recent tweet by crypto analyst Michael Van De Poppe. Rejection of this resistance level could lead Bitcoin to break further lows before it can bounce back up.
Equal age, equal age for #Bitcoin.
Not able to break through $27,800 as a resistance point.
Would be looking at a swing of lows until we can have an upswing.
But crucial for a trend reversal is not $28,800, but $27,800. pic.twitter.com/7U7MS1lcus
– Michaël van de Poppe (@CryptoMichNL) 24. April 2023
Another depreciation in the Bitcoin price could have dire consequences for CELR, inviting bears to wipe out the remaining gains of the previous two weeks’ candles.
Celer Network Token Price Unfazed by Recent Platform Development
Despite Celer Network’s recent development on its platform, there hasn’t been any corresponding bullish influence on the price of its native token yet. A recent development extends Celer’s bridging support for Izumi Finance native token (IZI) and the IUSD stablecoin.
Users of the Celer Network can now seamlessly and securely transact the above-mentioned tokens between Arbitrum, Ethereum Polygon, and ZKsync networks at low transaction costs.
Featured image from istock. Chart from TradingView.
