Celer Network (CELRUSDT) Exhibits Limited Movement Amid Bearish Trends
Celer Network (CELRUSDT) has shown minimal price fluctuations over a 24-hour period, with a notable bearish trend emerging in the latter half of the day.
Price Movement and Key Support Levels
The asset tested significant support levels between 0.00900 and 0.00905, struggling to decisively dip below these figures, which indicates a degree of short-term resilience. A significant decline beneath 0.00925 on the 15-minute chart points to growing bearish pressure.
Volatility and Market Indicators
Early morning trading saw a surge in volatility, culminating in a sharp decline to 0.00882 before a partial recovery. The RSI and MACD indicators initially showed overbought conditions but quickly shifted to reflect oversold territory in the final hours, hinting at the possibility of a near-term reversal.
Daily Opening and Closing Stats
Celer Network commenced trading at 0.00958 on July 21 at 12:00 ET and concluded at 0.00905 on July 22 at 12:00 ET, reaching a peak of 0.00966 and a trough of 0.00882 during the day. The total trading volume stood at 67,768,598.5, with an approximate turnover of $611,269.
Price Structure and Patterns
Throughout the 24-hour trading window, price action exhibited a discernible bearish inclination, particularly after 03:00 ET. A robust support level appears to be taking shape between 0.00900 and 0.00905, where the price has repeatedly found a floor. A bearish engulfing pattern emerged on the 15-minute chart at 04:00 ET, indicating a significant drop from the opening price and reinforcing negative sentiment. Additionally, a doji pattern formed at 11:45 ET, signaling indecision at lower price levels and potential exhaustion in selling pressure.
Analysis of Moving Averages
On the 15-minute chart, both the 20-period and 50-period moving averages are trending downward, with current prices situated below these averages, confirming a short-term bearish outlook. The 50-period moving average on the daily chart is likely around the 0.00925–0.00930 range, while the 200-period line may hover between 0.00945 and 0.00950. Being below these averages could suggest a medium-term bearish perspective if these levels remain intact.
MACD and RSI Insights
The MACD indicator turned negative around 04:00 ET and has continued to show bearish momentum, with the histogram showing slight contraction in the final hours, reflecting a decline in momentum. Meanwhile, the RSI entered overbought territory early in the session but quickly transitioned into oversold conditions by 06:00 ET, implying a sharp correction and potential for a short-term rebound from current levels.
Bollinger Bands and Market Volatility
Volatility significantly increased during the early morning as the price fell from 0.0094 to 0.00882, leading to a widening of the Bollinger Bands. The price repeatedly touched the lower band, and a recent decrease in volatility after 10:00 ET may suggest a consolidation phase before the next significant price movement.
Volume and Trading Activity
Volume surged during the drop below the 0.00925 threshold and again during the steep decline to 0.00882, reinforcing the bearish sentiment. However, trading volume has since decreased, indicating a potential easing of selling pressure. Notional turnover also declined post-10:00 ET, correlating with lower volume and suggesting diminished confidence in the prevailing price direction.
Fibonacci Retracement Analysis
When applying Fibonacci retracement levels to the recent swing high of 0.00966 and low of 0.00882, the 38.2% retracement level is approximately at 0.00929, while the 61.8% level is around 0.00901. The current price is situated near the 61.8% level, which could serve as a potential support area or trigger a bounce if buying interest returns.
Outlook for Celer Network
Celer Network may be entering a short-term consolidation phase, with the possibility of a pullback from current oversold conditions. However, a significant breakdown below 0.00900 could lead to further bearish momentum. Investors should closely monitor volume and price behavior around critical Fibonacci and moving average levels for indications of future movements. In the fast-paced crypto market, conditions can change rapidly, and unexpected volatility or news developments could significantly impact price trajectories.
