Celer Network is a layer-2 scaling platform that was developed to support multiple blockchains as well as deploy scalable decentralized apps (dApps).
Unlike other decentralized finance (DeFi) projects, Celer Network is built on a unique layered architecture that simplifies the design of dApps by keeping most of the process off-chain.
Celer was largely created to facilitate the rollout of low-cost applications on Ethereum, Polkadot, and other blockchains by connecting the State channel and Layer-2 roll-up.
The native coin of the Celer Network is CELR, an ERC-20 token based on the Ethereum blockchain. CELR has multiple use cases in the network, such as enabling payments for blockchain transactions, staking, and various transaction fees for other off-chain services.
Celer Network Price Prediction | Introduction
In the first week of December, Celer began integrating a new protocol called Celer cBridge. Celer cBridge will support USDC transfers across Goerli and Avalanche chains. This will allow users and developers to effectively transact in USDC natively from one ecosystem to another. Once this feature will be live on its mainnet for cBridge, USDC can be seamlessly sent to and from Ethereum and Avalanche.
Celer Network Price Prediction: Technical Analysis
On December 13, 2022, CELR was trading at $0.011 with a 24-hour trading volume of $4,645,536. At the time of writing, Celer Network (CELR) was ranked 193 on CoinMarketCap, with a market capitalization of $84,330,924.
To better understand CELR’s evolution, let’s take a look at its price over the past 6 months:
Month Open Price Closing Price Month High November $0.01534 $0.01223 $0.01885 October $0.01532 $0.01534 $0.01644 September $0.01733 $0.01532 $0.01949 August $0.02050 $0.01733 $0.02797 July $0.01486 $0.02050 $0.02237 June $0.01926 $0.01486 $0.02500
Over the past week, CELR has seen a price increase of 4.87%. According to technical analysis from daily charts from December 1, 2022, it can be noticed that the coin has been moving through a falling channel, dipping below the trendline. CELR is currently steeled below the 20 EMA, 50 EMA, and 200 EMA, and in spite of its occasional price spikes, CELR is exhibiting a bearish sentiment, like the rest of the market.
The price of Celer Network is also under the 50-day SMA, which for the past 33 days has been flashing a SELL signal.
The price movement as well as the accumulation distribution line are going in the same direction, signaling the continuation of the bearish momentum. Trading volume indicators also seem to be low, showing that the trading sentiment is also down.
CELR is trading below the Bollinger band line, with the F&G index showing that the community is still on standby for the moment, waiting for some bullish moment to show them whether they should invest in the coin.
According to CELR’s 200-day SMA, the crypto will drop in the following month and reach a price of $ 0.015822 by January 10, 2023. The short-term 50-Day SMA is expected to reach $ 0.012374 by January 10, 2023.
The Relative Strength Index (RSI) is currently at 51.52, which also shows that the market is rather neutral towards Celer Network investing. The first resistance level is at $ 0.012721, the second at $ 0.012999, and the third at $ 0.013203.
The S1 and S2 support levels are set at $ 0.012239 and $ 0.012036, respectively, with immediate support at. $ 0.011757
Moving averages (MA) smooth price actions over a period of time, based on past price action. By looking at the two types of moving averages, simple moving averages (SMA) and exponential moving averages (EMA), we can determine the general market sentiment.
Daily Simple Moving Average (SMA)
Period Value Action SMA 3$ 0.012312 BUYSMA 5$ 0.012265BUYSMA 10$ 0.012213 BUY SMA 21$ 0.011952BUYSMA 50$ 0.013047SELL SMA 100$ 0.014433SELL SMA 200$ 0.016329 SELL
Daily Exponential Moving Average (EMA)
Period Value Action EMA 3$ 0.012442 SELLEMA 5$ 0.012340 SELLEMA 10$ 0.012229 BUYEMA 21$ 0.012170BUYEMA 50$ 0.012859SELLEMA 100$ 0.014570SELLEMA 200$ 0.020185 SELL
Weekly Simple Moving Average (SMA)
Period Value Action SMA 21 $ 0.016427 SELL SMA 50 $ 0.030081 SELL SMA 100 $ 0.046711 SELL SMA 200 – –
Weekly Exponential Moving Average (EMA)
Period Value Action EMA 21$ 0.016203SELL EMA 50$ 0.027757 SELL EMA 100$ 0.033593 SELL EMA 200– –
(Source: https://coincodex.com/ )
Oscillators use high and low bands to connect two extreme values and then generate a trend indicator that fluctuates within these two extremes.
PeriodValueActionRSI (1451.52NEUTRALStoch RSI (14)37.41NEUTRALStochastic Fast (14)72.16NEUTRALCommodity Channel Index (20)66.67NEUTRALAverage Directional Index (14)9.83NEUTRALAwesome Oscillator (5, 34)0.00NEUTRALMomentum (10)0.00NEUTRALMACD (12, 26)0.00NEUTRALWilliams Percent Range (14)-27.84NEUTRALUltimate Oscillator (7, 14, 28)48.74NEUTRALVWMA (10)0.01BUYHull Moving Average (9)0.01BUYIchimoku Cloud B/L (9, 26, 52, 26) 0.01 NEUTRAL
(Source: https://coincodex.com/ )
Celer Network Price Prediction: Market Opinions
PricePrediction.net: Celer Network Price Forecast for December – January
According to price PricePrediction.net’s research and historical data analysis, 1 CELR may have a maximum price of $0.023 USD by the end of December. Their projected average price for Celer Network is situated around $0.019 with a minimum price of $0.019.
TradingBeasts: Celer Network Price Forecast for December – January
According to TradingBeasts, Celer Network is anticipated to start January 2023 at $0.0166215, with an expected maximum price of $0.0207769, and a minimum price of $0.0141283. The publication expects to end January at a price of $0.0166215.
Celer Network Price Forecast for 2023
Cryptonewz, a well-known crypto outlet, has predicted that CELR will start the year at $0.12. They also anticipated that there would be a bullish movement in 2023 that would take the coin to a maximum average price of $0.11. Like this year, they also foresee a major drop in December 2023, with a minimum value of CELR at around $0.0882.
AMBcrypto‘s Celer Network price prediction for 2023 was set between $0.1 and $0.16, with an average price of $0.13 for CELR.
Latest News About Celer Network
From their Twitter account and community posts, it seems that Celer Network has been pretty active with integrating cross-chain functionalities. The most recent development was the Circle New Cross-Chain Transfer Protocol integration with Celer cBridge.
Throughout December, Celer Network has been integrated by dForce into dForce Trad, enabling cross-chain token swaps, partnered with Sei for other incorporation plans, and many other developments.
Celer Network Price Prediction: Verdict
The current sentiment for Celer Network is neutral, leaning towards bearish, with some indicators pointing towards a possible bullish trend at the beginning of 2023. As with all cryptos, CELR’s prices fluctuate wildly, making it very difficult to pinpoint their movements even with detailed charts and market analysis, so be sure to do your own research before investing in any coin.
The post Celer Network Price Prediction 2023: Market Analysis and Opinions appeared first on Coindoo.
- @ December 14, 2022 8:13 am