CEL price made a strong comeback on Thursday as investors watched the ongoing happenings at the bankruptcy court. The Celsius Network token jumped to a high of $2, which was substantially higher than August’s low of $0.87. It has jumped by 1,783% from the lowest level in August. This price is about 58% below the highest level in August.
CEL is the native token for the Celsius Network, a Nexo competitor that filed for bankruptcy protection in May of this year. The company came under intense pressure following the collapse of Terra’s ecosystem. As a result, it decided to file for bankruptcy in a bid to resolve its financial situation and continue operating as a going concern.
The case is still ongoing. On Wednesday, Judge Martin Glenn allowed an independent examiner to assess the digital asset holdings of the company. This move came from an arm of the Justice Department, which oversees the bankruptcy court. According to the statement, the examiner will look at how Celsius Network stores its holdings and whether different types of accounts are commingled.
Meanwhile, a report by the New York Times said that Celsius Network was plotting a comeback. The CEO, Alex Mashinsky outlined a plan that he hopes will save the company. This new brand will focus on custody. The CEO compared this audacious turnaround as that of companies like Pepsi that have gne bankrupt in the past.
CEL price prediction
While Celsius Network is in bankruptcy proceedings, its cryptocurrency has been one of the best-performing coins in the world. It has jumped by 1,783% from its lowest level this year. Now, it has managed to move above the 25-day and 50-day moving averages while the Awesome Oscillator bars have turned green.
Therefore, there is a likelihood that the CEL price will continue rising as investors follow the ongoing bankruptcy proceedings. If this happens, the next key level to watch will be $3. A move below the support at $1.6100 will invalidate the be at $3, which is about 48% above the current level.
