We are continuing with our analysis of some of the top coins in the coin market. The essence is to enable the investor or buyer to determine the prospects that are inherent in these tokens and make informed decisions about them. We are not looking at CELR, the internal token of the CELER network, which is ranked 99 according to market capitalization.
What is CELER?
CELER is a layer 2 scaling solution that is cross chained. The platform seeks to give access to users of blockchain services to access faster transactions through an extra layer chain without compromising the security of data. With CELER, the primary chain is still responsible for the security of the data while scaling is provided by CELER.
Some components of the blockchain are CELER State Channel which is a chain-linking platform that is upgradable. The CELER network uses this for transaction settlement in real time.
“Celer plans to launch cBridge 2.0 in phases with testnet starting in October and introduce cross-chain messaging, enabling applications beyond simple asset transfers, including cross-chain DEXs and NFT cross-chain minting.”
— CelerNetwork (@CelerNetwork) September 30, 2021
Other components with specific functions include cOS which is a development platform for supported applications, cRoute for linking of networks and cChannel for quick transfer of values across the network.
About CELR Token
CELR is the internal token of the CELER network. And as expected, the demand for the token determines the value that is attached to it by the market.
The coin has a maximum supply of 10 billion.
A circulating supply of 5.97 billion as at October 1, 2021.
A market capitalization of $884 million.
About CELR Token
With thousands of coins and tokens in the market, it is obvious that those assets that have made it to the top of the capitalization table are projects that have utility. Scaling has been an issue with many blockchain projects such as Bitcoin and Ethereum. The fact that a project like CELER is dedicated to this confirms the need for this service.
This Polkadot built platform is part of the blockchain revolution, not just because it supports the development of smart contracts and De-Fi, it supports efficiency and outputs of blockchain networks. This enhances the value of the CELR token as we shall see in this market review.
CELR Price And Market Action
The market price of CELR on October 1 when this report was made was $0.1469. Its market dominance was a minute 0.04% while its daily trading volume was $289 million.
However, a look at the CELR chart shows that the coin is in an uptrend. This can be seen from the One-Month and 3-Month chart. We shall take a closer look at this price action to determine the suitability of CELR as an investment vehicle.
The CELR trend can easily be seen through a visual inspection due to the strength exhibited by the momentum of the price action. The 50-Day moving average and 200-Day moving average indicators show that the coin is in an uptrend. The Relative Strength Index (RSI) confirms this assertion as we can see from the 4H chart. The 13 days chart shows that maximum RSI clearly in the overbought region especially on September 25 that recorded RSI of 83. This reflects the trend that we are seeing even though we have a retraction at the moment that has given rise to a resistance at the $0.1993 mark.
As at the time of this report, the CELR RSI is at 45, which can only mean that the coin is in a consolidation.
What is The Future of CELR?
From what we can see from the indicators, it is apparent that CELR is in a bullish trend. This is despite the fact that most digital assets in the coin market are trending downwards. The implication is that there are many investors and users who support this cryptocurrency due to its innate value which was derived from its utility.
In determining the trend of an asset, we usually subject the token to more than a couple of indicators. This is why we have also sought out signals that we can garner from MACD regarding the performance of the asset. This three time series enables us to identify how true the trend is using historical data. We can see from the MACD chart that there is a significant change in the direction and strength of the price of CELR. This confirms the consolidation that we earlier highlighted using the RSI.
Our conclusion using these indicators is that the price of CELR is poised for the uptrend after the consolidation phase which would continue to the oversold region in the next hours or even days. We should expect higher values from CELR.
What Do You Do During Consolidation?
If you own CELR and want to take advantage of the consolidation, you can find the bases that the market is willing to support and trade based on the differences. Bear in mind that the market supports an asset irrespective of trend. The bases, when used in trade with short-term charts, give the trader or investor the room to make gain by nibbling on the price changes. We can identify bases as the supports that the coin price drops to in cycles of movement.
What Are The Prospects of CELER?
What is obvious is that this is one of the tokens that you should keep an eye on if you’re interested in a long-term investment. There are indications that this project has created a solid roadmap that would ensure a robust community that has what it takes to be profitable to the investors.