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Celsius Network is bankrupt, so why is CEL price up 4,000% in two months?
Takeover rumors and an ongoing short squeeze help CEL price rally but is there enough momentum for more upside?
Crypto lending platform Celsius Network has an approximately $1.2 billion gap in its balance sheet, with most liabilities owed to its users. In addition, the firm has filed for bankruptcy protection, so its future looks bleak.
Still, Celsius Network’s native utility token CEL has soared in valuation by over 4,100% in the last two months, reaching around $3.93 on Aug. 13 compared to its mid-June bottom of $0.093.
Takeover rumors behind CEL explosion?
Technically, the price rally made CEL an excessively valued token in early August when its relative strength index (RSI) crossed above the 70 threshold.
Takeover rumors appear to be behind CEL’s upside strength. Notably, Ripple wants to purchase Celsius Network’s assets, according to an anonymous source cited by Reuters on Aug. 10.
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🔴 Table of contents:
00:00 : intro
02:45 : crypto news today
04:40 : Coins update
10:30 : celsius network news
13:40 : BTC / ETH CANDEL CHART
17:45 : EXIT THIS COIN
18:03 : outro
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