- SanR.app revealed in an X post today that traders booked 21.12% profits following a short on CEL over the past 2 weeks.
- Traders closing their short positions may suggest that they anticipate CEL’s price to rise in the short term.
- At press time, a bullish reversal technical flag was on the verge of being triggered on CEL’s daily chart.
The cryptocurrency trading signals platform SanR.app revealed in an X (formerly Twitter) post, that traders were able to profit off of the drop in Celsius’ (CEL) price over the past 2 weeks. According to the post, traders have realized profits of 21.12% by shorting the altcoin throughout the past fortnight.
Traders closing their short positions could suggest that they anticipate a bullish reversal in the altcoin’s price in the short term. Meanwhile, data from CoinMarketCap indicated that CEL was changing hands at $0.1275. This was after the altcoin suffered a 24-hour loss of 0.52%. Consequently, CEL’s price was pushed further into the red zone to -13.96%.
From a technical standpoint, CEL rebounded off of the key support level at $0.1235 over the past 24 hours. Traders may have identified this rejection from the significant price point as a bullish signal. Should this positive momentum continue in the next week, then CEL’s price could embark on a journey toward the $0.1470 resistance level in the short term.
The first major barrier that CEL’s price will need to overcome is the 9-day EMA line, which was situated at $0.1360 at press time. Should the altcoin close a daily candle above this threshold, then it may have the foundation needed to flip the $0.1470 resistance level into support.
Thereafter, CEL’s price may continue to climb to the subsequent barrier at $0.1890 in the following couple of weeks. This bullish thesis could be invalidated if the cryptocurrency breaks below the $0.1235 support level in the next 24-48 hours. In this scenario, CEL could be at risk of falling to $0.1025.
Traders and investors will want to take note of the fact that a significant technical flag was on the verge of being triggered. At press time, the daily MACD line was attempting to cross above the daily MACD Signal line. Should these two lines cross, it may signal a bullish reversal of the negative trend that CEL had been in throughout the past 2 weeks.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
