If you look at CEL’s price chart, you’re probably going to wish you bought some of its tokens prior to its bull rally. In fact, its parabolic run this week has earned it the top spot as the best performer among the market’s top-100 cryptos. CEL rallied by as much as 261% to hit a […]
If you look at CEL’s price chart, you’re probably going to wish you bought some of its tokens prior to its bull rally. In fact, its parabolic run this week has earned it the top spot as the best performer among the market’s top-100 cryptos.
CEL rallied by as much as 261% to hit a monthly high of $4.23 on the charts. The rally was strong enough to push it back to its January 2022 price levels. Now, while it did retrace to a price level of $3.62 at press time, after some profit taking, it was well in the overbought territory.A rally such as the one delivered by CEL this week would normally be followed by a massive pullback, especially considering the controversy around it. However, that has not been the case.
CEL’s realized loss peaked at 719,450 CEL over the last 24 hours. This likely reflects the short positions that have been pushed out of the market. Meanwhile, its realized market capitalization HODL Waves metric soared to its highest 4-week level in the last 24 hours.Source: Santiment Celsius’s short squeeze is reminiscent of Gamestop in 2021. Whales and retail investors buy up an asset that is expected to crash, trapping short sellers in the process. The liquidation of short positions pushes up the price further, thus creating more bullish pressure on the market.Short squeeze scenarios usually continue attracting more buyers, especially retail traders looking to get a piece of the action. However, by the time most of them buy, the price is already up significantly.
CEL’s Mean Dollar Invested Age metric confirmed that most of the liquidity started flowing in from around 7 August. Curiously, this was around the same time that its MVRV ratio dropped substantially.The realized value is already high enough to entice early entries to exit their position. CEL’s market cap grew by more than $600 million in the last 7 days. Simply put, the aforementioned rally does not negate the fact that Celsius filed for bankruptcy.Subscribe to get it daily in your inbox.
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