Why is Celsius’s CEL token up by 28% in the last 24 hours?

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Why is Celsius’s CEL token up by 28% in the last 24 hours?

By Hassan Maishera - min read

Celsius is the best-performing cryptocurrency amongst the top 100 coins by market cap over the last 24 hours.

The cryptocurrency market has continued its positive start to the week despite some coins and tokens currently underperforming. The market has added less than 1% to its value in the last 24 hours, with the total market cap now above $1.1 trillion.

Bitcoin is up by 0.38% in the last 24 hours but didn’t have enough momentum to surge past the $24k resistance level despite trading in the green zone. 

Ether, the second-largest cryptocurrency by market cap, is up by more than 2% in the last 24 hours and currently trading at $1,772 per coin. 

However, CEL, the native token of the Celsius platform, is up by more than 28% in the last 24 hours, making it the best-performing cryptocurrency amongst the top 100 coins by market cap.

At press time, CEL is trading at $1.9 per coin. This represents a 300% surge in price over the past few weeks as CEL dropped below $1 after Celsius halted withdrawals on its platform a few weeks ago. 

CEL has been rallying as traders on Twitter took the opportunity to push the token price higher, similar to what they did with the GameStop stock last year. 

Key levels to watch

The CEL/USD 4-hour chart is extremely bullish as Celsius has been performing excellently over the past few days.

The MACD line is deep into the positive zone, indicating a strong bullish momentum for CEL.

The 14-day relative strength index of 87 shows that CEL is currently in the overbought region.

If the bulls remain in control, CEL could rally past the first major resistance level at $2.125 before the end of the day. In the event of an extended rally, CEL could break past the $2.5 mark for the first time since April 2022.