Celsius Network News: Can Celsius Keep Going After its $120 Million Payment?
Over the past few weeks, cryptocurrency service providers have been in a bind, and The Celsius Network was no exception. However, a new name has been added to the hat. Another crypto business, Vauld, has ceased operations as a result of the present market turmoil. Although Celsius is making a comeback, its native token’s investors are benefiting as well.
The thermometer rises despite the crypto-winter
Even Though it’s Crypto Winter, Celsius is Getting Warmer
Literally and symbolically, Celsius has paid the price for its success. Almost $120 million worth of DAI was returned to Maker by the network, which had borrowed the money from Maker in order to avoid bankruptcy.
Nonetheless, Celsius is still owed $82 million in DAI, according to current statistics, so it hasn’t yet repaid all of its loans.
Despite the network’s debt problems, the native token CEL has seen significant gains. CEL has risen by 68.67 percent in the last three days, although at the time of this writing, it was trading at a low of $0.96.
When the investors learned of the reimbursement, they reenergized and became more vocal about their presence. CEL’s 319.61 percent gain on June 20-21 triggered $1.7 million in short liquidations by Celsius investors, the second time in a month it has happened. Investors generated $1 million in liquidations in the prior 48 hours.
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Does CEL Have a Bright Future?
As a result, it is impossible to predict whether or not Celsius will continue to rise. A future decline is already being indicated by the Parabolic SAR. It is still possible to see RSI (Relative Strength Index) moving downwards, despite being in the bullish zone at the time of writing (ref. Celsius price action image).
CEL’s June run, which put the stock 808 percent above its starting price at one point, may have a negative impact on investors who have only just begun to see returns.
Due to the fact that the vast majority of transactions recorded on-chain have been profitable, the amount of transactions may cause concern among investors. Transaction volumes were in line with those seen in February and March of this year.
Aside from the fact that 95 percent of the investors aren’t guaranteed a profit, this puts the other 5 percent in a situation where they’d prefer not to join them.