Why is Celsius up by more than 11% in the last 24 hours?

Celsius token is the best performer amongst the top 100 cryptocurrencies in the market today.

CEL, the native token of the Celsius platform, is the best performer amongst the top 100 cryptocurrencies by market cap. CEL is up by more than 11% in the last 24 hours, outperforming the broader market in the process.

The rally comes as the broader crypto market is underperforming. The crypto market has lost roughly 5% of its value in the last 24 hours, with the total market cap now around $1.1 trillion.

Bitcoin could slip below the $23k support level soon after losing more than 1% of its value so far today. Ether is down by more than 5% today and is now trading around $1,840 per coin.

CEL’s rally comes despite a report two days ago revealing that the crypto lender Celsius would run out of cash by October.

A new court filing Monday from Kirkland & Ellis, a law firm Celsius hired to lead its restructuring efforts, revealed this latest development. The crypto lender had already filed for bankruptcy and halted withdrawals on its platform roughly three months ago.

Key levels to watch

The CEL/USD 4-hour chart is bearish despite Celsius performing excellently over the last 24 hours. The technical indicators show that CEL is recovering from a recent slump.

The MACD line is within the negative zone but is surging higher and could enter the positive region if the current momentum is maintained. The 14-day RSI of 49 shows that CEL is no longer in the oversold region.

At press time, CEL is trading at $2.8245 per coin. If the rally continues, CEL could surge past the $3.385 resistance level before the end of the day.

However, unless there is a breakout in the broader market, CEL could find it hard to move past last week’s high of $3.9 per coin.