In this update, we'll analyze the recent price action of Celer Network (CELR). Previously, we discussed how Celer Network had formed a series of bullish patterns, including down channels and falling wedge formations, signaling potential upward movement. Let’s explore the latest developments in CELR’s price action and key support and resistance zones.
Recent Developments: Breakouts and Patterns
Looking at the 7-day time frame chart, we see that Celer Network has made some significant moves. After first breaking out of a massive falling wedge pattern, it then broke out of another smaller falling wedge. Following this rally, the price action formed a falling wedge pattern, which it successfully broke out from as well. However, CELR is now moving inside another downward channel.
On the daily time frame, the price has once again dropped to a long-term support zone that ranges from $0.01 cent to $0.008. This support zone has been tested multiple times over the past several months, and it has continued to act as a strong support area for CELR’s price.
The Strong Support Zone: $0.01 cent to $0.008
If we shift our focus to the weekly time frame, we can see that for several months, this support zone between $0.01 cent to $0.008 has been a critical area for CELR. This zone has repeatedly proven to be a stronghold, preventing the price from falling further. Even though the price briefly spiked below this zone, it quickly bounced back, reaffirming its strength.
Historically, this same level also acted as support back in May 2019, reinforcing the importance of this area. If the price fails to hold this support zone, it could potentially drop to test the lower boundary of the down channel at around 0.64 cents. However, breaking below this level seems unlikely due to the strength of the long-term support.
Key Resistance Levels: The Path to 4 Cents and Beyond
If CELR manages to break out of the current down channel, the technical target would be the top of the channel, which is around 4 cents. This level is significant because it has previously acted as a strong resistance. During a previous rally, CELR was rejected multiple times at this 4-cent resistance after attempting to break through.
Looking at the 7-day chart, this resistance has been tested repeatedly over the course of two to three weeks, but each attempt was met with a rejection. Before that, the 4-cent level had also acted as support, so it remains a pivotal area for CELR’s price movement.
Long-Term Outlook: The Path to 20 Cents
One of the most significant patterns for CELR is the large falling wedge pattern that it broke out of in January 2023. Following the breakout, the price saw a 39% pump, but it was unable to sustain the upward momentum due to the 4-cent resistance. However, the technical target for this breakout is much higher, sitting at 20 cents.
If CELR can break through the 4-cent resistance and maintain momentum, the price could rally toward this long-term target of 20 cents.
Conclusion
Celer Network’s price is currently navigating a critical support zone between $0.01 cent to $0.008. If it can hold this support and break out of the down channel, the 4-cent resistance will be the next major hurdle. A successful breakout from this level could open the doors to a long-term rally toward 20 cents.
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