Will CELR rally higher following Celer Network’s new transaction milestone?

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Will CELR rally higher following Celer Network’s new transaction milestone?

By Hassan Maishera - min read
  • CELR is up by 1% in the last 24 hours, underperforming compared to the broader market.

  • The token could rally higher after the Celer Network reached $11.5 billion in cross-chain transaction volume.

  • The broader cryptocurrency market could reach the $850 billion market cap soon.

CELR underperforms against the broader market

CELR, the native token of the Celer Network, is up by 1% in the last 24 hours, underperforming against the broader cryptocurrency market. At press time, CELR is trading at $0.011779 per coin.

The positive performance comes after the Celer Network announced that it had reached a new milestone. Celer Network said cBridge, its multi-chain, cross-layer asset bridge offering instant transfer with numerous chains, had surpassed $11.5 billion in cross-chain transaction volume. 

This latest cryptocurrency news comes as the broader crypto market recovers from yesterday’s slump. The total crypto market cap stands at $835 billion, up by 2% in the last 24 hours. It could surge past the $850 billion mark if the rally continues.

Bitcoin, the world’s leading cryptocurrency, is also up by more than 1% in the last 24 hours. At press time, the price of Bitcoin is above $16,400 and could surge toward the $17,000 level soon. 

Key levels to watch

The CELR/USD 4-hour chart remains bearish despite Celer Network adding 1% to its value in the last 24 hours. The technical indicators show that CELR is underperforming against the broader crypto market.

The MACD line is below the neutral zone but could move higher over the next few hours if the bulls remain in charge. The 14-day RSI of 54 also shows that CELR is currently not in the oversold region.

If the positive performance continues, CELR could surge past the first major resistance level at $0.012678 before the end of the day. In the event of an extended rally, CELR could move toward the $0.014275 resistance level over the coming hours or days.  

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