The price of Celer Network (CELR) has rallied some 57% this week ahead of the upcoming ‘Ask me Anything’ session with its co-founder.
Trading as low as $0.0400 on the 19th of April, the Celer network price has staged a strong recovery to its current valuation of $0.0616. This is likely in advance of Sunday’s upcoming Telegram session with Dr. Mo Chong.
What do Celer Networks do? On their website, they explain the functionality as:
“a layer-2 scaling platform to build fast, easy-to-use, low-cost and secure blockchain applications at internet scale through off-chain scaling techniques and incentive-aligned cryptoeconomics”
Celer Network is still a relative small player in the Crypto universe. CoinMarketCap.com ranks the coin at #154 with a market cap of $339 Million.
The total supply is limited to 10 Billion coins, of which 5.5 Billion are currently in circulation.
Celer Network Price Prediction
Since the start of the year, trading conditions in Celer Network have been volatile, to say the least.
Whilst Investors may not have enjoyed Celer Network’s volatility. They would certainly have appreciated the performance.
From Jan 1st through to 28th of March, the Celer Network price increased by a staggering +2310%. Taking the price of the coin from $0.0043 to $0.1037.
After the March peak, the Celer Network price, like many altcoins, has given back some gains. At its lowest point of 0.039 during last week’s crypto liquidation event, it had retreated $62% from the all-time high.
Over the last 6 trading sessions, the coin has clawed back some losses, posting a respectable 57% bounce from the lows to $0.615.
the Celer Network price remains in a descending channel from the March highs. The upper end of the channel will provide resistance at $0.0709. A break above this marker would target the 15th of April high at $0.0853.
As the maxim goes, the trend is your friend. Trend followers may look to initiate short positions towards resistance. The short thesis is negated on a break above the descending trend line on a closing basis.
Support comes at the 13th of April low of $0.056. Should that fail, the 23rd of April low at $0.0399 is the next target.