Celer Network (CELR) has been on a steep price rally as of late, with its price increasing by nearly 30% from April 16th to date. This has been driven by strong market activity, as multiple on-chain data have been flashing green signals for investors. More specifically, it appears that whales have been increasing their bets on the project, and Daily Active Users (DAU) have also escalated.
Supporting these claims are figures from Santiment and IntoTheBlock which indicate that whales have rapidly increased their bets on CELR since April 11th and DAU have risen from 76 on April 5th to 187 addresses on April 19th. As more users interact with the network and whales make large transactions, demand for Celer Network grows, resulting in a positive feedback loop of adoption and stable prices over time.
With the current bullish momentum in the market, traders can expect CELR to break through the $0.30 resistance level soon. But, there are two levels of defense in case CELR losses its support at $0.25, these being the $0.20 level and the $0.44 level. Whichever way the tide turns, it is clear that a lot of interest has been generated in the ciphernetwork, which holds a lot of promise for future gains for investors.
- Austin Bailey
- 2023-04-21
Analyzing the Bullish Price Rally of Celer Network (CELR)
Celer Network (CELR) appears to be on the rise with its price increasing by nearly 30% from April 16th. With whales investing in the project and Daily Active Users (DAU) escalating, we take a look at the bullish outlook of CELR.