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Celer Network Technical Analysis — How Much Will CELR be Worth in 2021?

Celer Network Technical Analysis — How Much Will CELR be Worth in 2021?

This 2021 Celer Network (CELR) Technical Analysis is based on the study of technical indicators. Below, we have outlined the key factors that contributed to our CELR price analysis.

Celer Network is a coherent technology and economic architecture that describes itself as a layer-2 scaling platform that builds fast, easy-to-use, low-cost, and secure blockchain applications at internet scale via off-chain scaling methodology and incentive-aligned cryptoeconomics.

CELR Current Market Position

According to CoinGecko, CELR is at $0.41 with a 24-hour trading volume of over $37,130,394, at the time of writing this CELR technical analysis. This means, the price of CELR has decreased by 8.79% in the last 24-hours CELR token has a current circulating supply of 5.60 billion CELR. For those interested in buying the token, CELR can be purchased and sold on Binance, OKEx, TOKENCAN, HitBTC, and DigiFinex.

CELR Technical Analysis 2021

Currently, CELR holds 186th place on CoinGecko in terms of market capitalization. Do you think the latest upgrades, changes, and developments in the CELR blockchain can help the crypto’s price to reach higher? Now let’s proceed to the chart in this CELR price prediction article.

CELR/USDT chart showing Channel Trend pattern (Source: TradingView)

The above chart shows the Channel chart pattern. However, it is a continuation pattern that is formed by the combination of two lines. More so, these two lines are parallel to each other and they look like a channel when drawn on the price chart. The upper line of the channel indicates the resistance line whereas the lower line represents the support line.

As shown above, at the beginning of this period, CELR shifted from a bullish trend to bearish. This is a result of the huge trading volume that happened in that period.

CELR/USDT MACD and Relative Strength Index (Source: TradingView)

When it comes to Moving Average Convergence/Divergence (MACD), the MACD stands just above the signal indicator. This represents that traders and investors may expect bullish days ahead. However, if the MACD points towards a downward direction, then we may expect more bearish days ahead.

Furthermore, the Relative Strength Index (RSI) is at level 45, this shows that CELR is neither oversold nor overbought. As a result, traders can trade with confidence without worrying about any major price reversal.

The chart below indicates the 50-day and 200-day Moving Average (SMA) of CELR.

CELR/USDT 50-day and 200-day MA (Source: TradingView)

Notably, the signal has not broken the 50-day MA, this indicates sideways. Once the signal crosses the 50-day MA then the signal may enter a bullish trend. In addition, the signal trades between 50-MA and 200-MA. This indicates the sideways move of the current trend.

More so, 200-day MA is one of the important support levels used to determine the overall long-term run of the market trend. Since the indicator shows a bullish move and stays above the 200-day MA, this shows an overall uptrend. In contrast, if the signal indicator drops below the 200-day MA, the market indicates an overall downtrend.

Since the start of 2021, CELR’s price has seen more bullish moves which are greater than the previous one. More so, these are followed by fluctuations, consolidations, and corrections right away. Taking this into account, CELR has a competitive market in 2021.

Conclusion

CELR 2021 technical analysis shows that the cryptocurrency has a fantastic future ahead in 2021.  Also, the project looks promising as it has high aims, a use case, and clear goals that target a broad market.

Bullish CELR price prediction 2021 is $0.2. CELR could also reach a new all-time high price if investors have decided that CELR is a good investment in 2021. Furthermore, together with growing adoption, positive price predictions, and a community composed of thousands of retailers, CELR is likely to be a good investment this year.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.