The court approved a settlement agreement between Celsius and her securities account holders.
CEL sees increased trading volume in the last 24 hours.
On March 21, cryptocurrency lending platform Celsius Network [CEL] received approval from the bankruptcy judge overseeing its bankruptcy case for a settlement agreement between the company, its debtors, the official unsecured creditors’ committee, an ad hoc group of custodial account holders and any non-revocable custodial account holders.
Read centigrade [CEL] Price forecast 2023-2024
Under the settlement agreement, holders of brokerage accounts on the platform who decide to sign up will be able to recover 72.5% of their cryptocurrency holdings. The settlement agreement will indemnify Celsius Network against all future claims from a brokerage account holder who agrees to reclaim 72.5% of their crypto holdings.
CEL jumps for joy
Following the court’s green light for Celsius to partially complete its trading account holders, CEL has seen an increase in trading over the past 24 hours. According to data from CoinMarketCap, the token’s value increased by 5% during that period, while trading volume increased by more than 200%.
Growth in an asset’s trading volume with a corresponding increase in price is a bullish sign and often indicates that the price can continue to grow. Per Santiment, CEL’s weighted sentiment was a positive 0.151, suggesting that investors remain convinced of a further price rally.
Source: Sentiment
However, as many CEL day traders are unsure of the exact breakout direction of the altcoin, the price of the token has traded sideways in a 12-hour period. At the time of writing, CEL switched hands at $0.3784.
An assessment of the price ratio with the Bollinger Bands indicator showed CEL trading on the midline. When the price of an asset is on the midline, it suggests that the price is in a neutral position and that it is neither overbought nor oversold. It is common in markets where traders decide to hold their hands due to uncertainty about the direction the asset’s price might go.
What the statistics say
Similarly, CEL’s key momentum indicators, such as the Relative Strength Index (RSI) and the Money Flow Index (MFI), have moved sideways, with no major indication of an upside or downside breakout. When these two indicators move sideways, it usually means there is little price momentum in the market.
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This could indicate a period of consolidation or indecisiveness among traders, with neither buyers nor sellers having a clear advantage. On the other hand, it can also suggest that the market is waiting for new information or a catalyst to move the price in a certain direction.
While uncertainty plagued the day market, the silver lining was that buyers held the reins. A review of CEL’s Directional Movement Index (DMI) confirmed this. The strength of the buyers (green) at 26.77 was well above that of the sellers (red) at 18.20.
Source: CEL/USDT on TradingView
This post CEL ramps up as Celsius settlement gets court approval, details inside
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