Things Looking Good for CEL After Celsius Network Debt Repayments
2022.07.12 00:36
Things Looking Good for CEL After Celsius Network Debt Repayments
-
- Celsius Network has paid its remaining debt to DeFi protocol MakerDAO.
- Bulls were able to fuel an uptrend which ultimately led to a more than 10% increase in the CEL price.
- The Relative Strength Index rested above the 50 neutral at 53.12.
After the Celsius Network’s decision to halt all transactions and withdrawals last month, the whole crypto market plunged into a very dark and bearish abyss.
On the bright side, there is some good news today as Celsius Network has paid its remaining debt to DeFi protocol MakerDAO. The payment of the remaining $41.2 million was made on July 7. This payment-enabled Celsius to free up the collateralized $448 million.
On July 7, when Celsius started with its repayments, the price of CEL stood at $0.83. That same day, the price of the token dropped as low as $0.68. Despite this poor start, bulls were able to fuel an uptrend which ultimately led to a more than 10% increase in the CEL price over the last three days. At the time of writing, CEL is worth $0.7822.
Over the same three days, the market cap of CEL saw a 9% increase to stand at $216.46 million.
Furthermore, on CEL’s 24-hour chart, the Relative Strength Index rested above the 50 neutral at 53.12. The increased accumulation of CEL led to an upward curve at 58 on the Money Flow Index.
Celsius Token / USD 1D (Source: TradingView)
Between July 7 and 9, the number of addresses transacting in CEL grew by 138%. During the same period, the number of CEL tokens across all transactions saw an 80% increase.
When looking at the token through a social lens, however, things are not so hot as CEL’s social dominance declined by 29% since July 7.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
