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Celar Network (CELR) – A look at the price and its direction this year

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CELR is an ERC20 native token of the Cellar Network. The token has had its highs and lows this year. After surging to all-time highs in late September, breaking into $0.1987 in the process, we have seen some weakness ever since. According to Coinmarketcap.com, the token is trading at $0.06858. Although it’s up 2% on intraday trading today, it’s still 65% from its year highs. So, where does CELR go from here? First, some important indicators:

  • CELR is on a downward trajectory right now, with technical indicators mostly bearish at the moment

  • Although RSI remains neutral, market headwinds will increase bear pressure in the short term.

  • But historical data points to a long-term steady rise

Data Source: Tradingview.com 

CELR – Price action and prediction

It’s unlikely we are going to see any meaningful bull rally for CELR this year. Although some analysts are angling for a better-than-expected year-end for the entire crypto market, some coins are so deep in the red it would take a huge rally to reverse the bear trend.

But from a long-term point of view, CELR is well on course to grow. Some analysts see the coin breaking into $0.177 by the end of 2022 with a price target of $0.46 by 2025. Nonetheless, in the short term, we expect market-wide volatility to weigh heavily on CELR, something that makes a breakout very hard.

Should You buy CELR?

Long term projections for CELR are all pointing up. Besides, the growth of decentralised ecosystems may help CELR scale new heights in the coming years. So, the coin is definitely ideal for the patient investor who wants to unlock long term value in the long run. But for short term speculative trading, it’s hard to see any upside with CELR right now.

Credit: Source link

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