CEL price has risen 50% in one day despite Celsius Network's bankruptcy.
the court documents. In other words, CEL's 50% price rally now looks overextended with negative fundamentals still hanging over the Celsius market.From a technical perspective, CEL is also at risk of a sharp price correction in September.
On the four-hour chart, the Celsius token has been painting a"rising wedge" since late August. This classic pattern typically leads to a bearish price reversal move, as illustrated in the chart below.CEL now tests the wedge's upper trendline for a pullback toward the lower trendline. The latter trendline is near $1.34, a level that has served as reliable support in recent trading history. Therefore, breaking below $1.34 could intensify the selling pressure.
CEL falling below $1.34 opens the door for a rising wedge breakdown setup. CEL's downside target, as a rule of technical analysis, would be as low as the maximum distance between the wedge's upper and lower trendline when measured from the breakout point.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com.
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