Trading Price of Celsius Token Experiences a Huge Rally in a Single Week
A look at the trading price of Celsius (CEL) from June 19 until now shows that it has undergone a significant surge.
It can be seen from the performance graph that the trading price of CEL has increased 4X times since June 19. Many analysts are predicting that the rise in the trading price of CEL is a frenzy that has been achieved by the traders. The traders causing the frenzy are the ones who perform trades during the day.
Short Squeeze Effect on the Price of CEL
The data for CEL, the native token for the Celsius Network suggests that its price was at $0.67 on June 19. However, by June 21, the trading price of CEL had surged to $1.59. The report suggests that CEL experienced a 180% spike bringing its price up to a high mark.
Compared to CEL, the surge recorded for the overall cryptocurrency market was just around 12.37%. The 12.37% spike was experienced for CEL between the same period of June 19 and June 21.
The Reason Behind the Spike
As per the analysts, it was PlanC who acted as the catalyst behind the spike in the trading price of CEL. PlanC is known for being a cryptocurrency market analyst who has a huge following in the crypto-verse, and he claims to work independently.
PlanC had made an announcement about giving away a $20 million bounty to the one who is able to prove that Celsius Network suffered an attack. He stated that there is a possibility that a coordinated attack was probably suffered by the Celsius Network.
The coordination was carried out by someone unknown and it was not someone from the inside by was a third-party attacker. The assumptions from many people came surrounding an attacker as the Celsius Network suspended withdrawals in the past week.
A Frenzy on Twitter
Right after the Tweet from PlanC, his followers came into a frenzy and they started placing hashtags on Twitter profile bios. They started targeting the investors who had made predictions that the trading price of CEL had the potential of plummeting in the future.
It became one of the top trends on Twitter in the United States. People also started querying about the CEL short squeeze keyword. The keyword also ended up reaching a score that was 100 on the Google trends between the respective dates.
Upcoming Performance of CEL
It is being expected that going forward, the price of CEL may get retested as it reaches a high of $1.95. This is also going to serve as a resistance level for CEL.
The trading price of CEL may also grow higher if the resistance mark is crossed and move up to $3.11.