Celsius announced that users could cumulatively withdraw up to $50 million from all the locked accounts. These funds are for users who own Celsius Custody Program and Withhold Accounts. This latest decision to reopen withdrawals has spiked the price of CEL by 50%. As of September 2, CEL’s price stood at $1.67, showing a good price shift from $1.15 per token on September 1. Related Reading: Lido DAO Continues With Strong Bullish Bias, How High Can Price Go? The CELUSD chart on Tradingview.com indicates that the token has lost some of its gains this morning. It now stands at $1.50, which is still higher than yesterday’s lows and shows positive price movements. But the sudden increase might not be sustainable. Data shows that CEL trading volume didn’t spike with the price. Analysts see this low volume as traders’ lack of conviction in a continuing uptrend. Imminent Price Drop For CEL Looms The CEL four-hour chart shows that the token started painting a rising wedge since the August end. This pattern is usually a sign of an upcoming bearish price reversal. Also, CEL is testing the upper trendline for a pullback to the lower line. CEL latter trendline is closer to $1.34. It has been serving as a good support zone. Any break below this support might increase the selling pressure in the market. A rising wedge breakdown setup will emerge if the CEL price plummets below $1.34. By that, the token’s downside target woul...
