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CELR On A 16% Bear Strike, Bulls Must Hold The Line At This Level

CELR, the official native token of Celer Network, is down badly from its previous week’s highs of $0.031, recording a disappointing -16% in today’s trade session. While several cryptocurrencies have shown price weakness, the Celer Network token has been the biggest loser over the past 24 hours.

In recent times, the general market sentiment has drastically changed. Most traders who called for a bull market after BTC’s previous week’s rally are now bearish due to a price retracement on major cryptocurrencies. However, will bulls show strength and prevent the next outcome for Celer’s Network token?

CELR Bears On A Mission, Further Losses Imminent?

Bears are on a mission as they move on a trail to wipe out two-week gains of the Celer Network token. The current price action results from CELR investors taking profits on the recent Bitcoin price rally, which saw the cryptocurrency move past $30,000 for the first time since June 2022.

The native token of the Celer Network was on the move and recorded a 7-day high of $0.031 after BTC bulls pushed the price upwards and lifted the entire market with the digital asset.

At the time of writing,  Coinmarketcap data reveals CELR to be trading at $0.023, a notable dump from where it was in price last week. Bulls may now need to act to defend what is left of the previous week’s gains of the Celer Network token.

CELR

CELR is currently trading at a key support price zone of $0.023 and might be at just the right spot for bulls to pick up steam and reverse the bearish trend. However, the price of Bitcoin is a major price decider for the crypto market and could dictate CELR’s fate in the coming days.

At the time of writing, Bitcoin trades at $27,327  and is currently faced with resistance at $27,800, according to a recent tweet by crypto analyst Michael Van De Poppe. Rejecting that resistance level may see Bitcoin sweeping further lows until it can bounce up.

A further Bitcoin price depreciation could mean dire consequences for CELR, thereby inviting bears to sweep off the remaining gains of the previous two-week candles.

Celer Network Token Price Unshaken By Recent Platform Development

Despite Celer Network’s recent development to its platform, a corresponding bullish impact is yet to be seen in the price of its native token. One recent development expands Celer’s bridging support for Izumi Finance native token (IZI) and the IUSD stablecoin.

Celer Network users can now seamlessly and securely bridge the tokens mentioned above between Arbitrum, Ethereum, Polygon, and ZKsync networks at low transaction costs.

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Celer Network (CELR) Soars 11% Amidst General Bearish Trend

Celer Network (CELR) is currently experiencing a market pump amidst a general crypto fall. In a week in which several assets have bled with significant losses, CELR has repaid investors’ confidence gaining 10.8% in the last seven days.

According to more data from Coingecko, CELR has gained by 26.3% in the last two weeks representing a far better market performance than market giants Bitcoin (BTC), and Ethereum (ETH), within the same period.

However, it must be said that CELR is a long way from its market price as of this time last year, with a staggering 44.4% decline from its year-to-date value. 

That said, much of CELR’s price growth in the past week has been driven by a series of announcements by the project, sparking excitement among the user community and increasing traction on the network. 

At press time, CELR is trading around $0.0264, having gone up by 3.2% in the last 24 hours. Based on more data from Coingecko, the ERC-20 token has a daily trading volume of $60.67 million and a total market cap of $149.65 million.

Celer Network

Celer Announces Expansion of zkSync Coverage 

For most investors, it is little to no surprise that Celer has managed to stay above the waters during this crypto storm, as the blockchain network has recorded various exciting developments in the last few weeks. 

On April 19, Celer Network announced the expansion of its support for the zkSync Network. According to Celer’s Twitter post, users can now utilize the cBridge, the network’s multi-chain cross-layer asset bridge, to bridge ETH and USDC between the zkSync Era network and over 10 other blockchains, including Ethereum, BNB Chain, Avalanche, Polygon, etc. 

The zkSync project is a layer-two scaling solution designed to scale operations on the Ethereum network using zero-knowledge (zk) technology. It is currently one of the nascent and most exciting technologies in the crypto space following the launch of its Alpha Mainnet last month.

Other Developments On The Celer Network

In addition to the expansion of its zkSync coverage, Celer Network also unveiled its collaboration with Polygon as one of the initial launch partners of the project’s zkEVM upgrade.

The developer’s team stated that the cBridge would provide support for bridging ETH between Polygon zkEVM and other networks, including Ethereum, Fantom, Optimism, Arbitrum, BNB Chain, Avalanche, and the Polygon Mainnet. 

Meanwhile, BitGo, one of the most popular names in the crypto space, also announced support for CELR this week. BitGo is a leading digital asset security and custody company with over 1,500 institutional clients in 50 countries, including top cryptocurrency exchanges, trading platforms, regulated entities, etc.