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Celsius Network price prediction: Here’s why CEL is soaring
Celsius Network price rebounded on Friday after the latest news on the company’s bankruptcy proceedings. The CEL token price jumped to a high of $1.6835, which was the highest level since August 24. It has jumped by more than 100% from its lowest level in August.
Why is CEL rallying?
CEL is the native token for the Celsius Network, the Nexo competitor that filed for voluntary bankruptcy in June of this year. At its peak, the company had billions of dollars in client deposits and it was one of the biggest success stories in the crypto industry.
In May, the company announced that it would suspend deposits and withdrawals as the prices of most tokens collapsed. The CEL token rose sharply on Friday after the company asked the judge overseeing the case for permission to release $50 million to customers.
These funds are stuck in the company’s custody accounts, which are designed to store digital assets. In a statement, the judge said that the matter will be heard on October 6 of this year. Still, these funds are a small percentage of over $200 million that are stuck at the company’s custody accounts.
At the same time, the company still owes customers over $4.2 billion of assets in the company’s earn accounts. Therefore, the future of the company is still in question even though some companies are attempting to buy it.
Celsius Network price rose because of this news. For a thinly traded assets like CEL, any good news usually attracts attention of day traders. This explains why the price of the token went parabolic. It also explains why the VGX price rose. VGX is the native token for Voyager Digital, a company that also filed for bankruptcy.
Celsius Network price forecast
The four-hour chart shows that the CEL price has been in a strong bullish trend in the past few days. It rose to a high of $1.5810, which was the highest point on June 21. As it rose, it moved slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) is nearing its overbought level.
Therefore, Celsius Network price will likely resume the bearish trend as the hype surrounding the $50 million return eases. If this happens, the coin will likely retest the important support at $1.06.
The post Celsius Network price prediction: Here’s why CEL is soaring appeared first on CoinJournal.
Celsius will kleinem Kundenkreis Auszahlungen ermöglichen
Celsius hat einen Antrag eingereicht, demzufolge 50 Millionen US-Dollar an Kunden zurückgegeben werden sollen.
CFTC und SEC erbitten Feedback für Änderungen bei Krypto-Investitionen von Hedgefonds
Da immer mehr große Hedgefonds in Kryptowährungen investieren, wollen die beiden großen Finanzaufsichten der USA nun dahingehende Änderungen an der Offenlegungspflicht machen.
UFT price: What is UniLend Finance and Why Did it Just Soar?
UFT price went parabolic on Friday as demand and volume for the token rose. UniLend Finance’s token climbed to a high of $0.400, which was the lowest level since April of this year. It has jumped by over 475% from its lowest level in 2022, giving it a market cap of more than $22 million.
What is UniLend Finance?
UniLend Finance is a relatively small but fast-growing blockchain project that is in the decentralized finance (DeFi) industry. It was launched a few years ago to compete with larger platforms like Compound, Aave, and Maker.
The idea was to create a platform where users can trade more assets than those offered in those large projects. By so doing, the developers aimed to create a platform that has thousands of assets. To achieve that, they created a system that allows permissionless listing and one that allows lending and borrowing and trading among users.
There are several reasons why the UFT price has jumped in the past few weeks. First, the platform has continued to grow its ecosystem through partnerships. Early this week, UFT was listed on DEXTools, where users can easily track UFT pools in real time.
It also reached a partnership with UpBots, which describes itself as a gateway for cryptocurrencies. Some of the other most recent partners are Algo Blocks and Life Labs. It now has over 100 partners, including Binance. Unilend Finance price is also jumping as investors wait for the upcoming Omnis mainnet launch.
UFT price prediction
The four-hour chart shows that the UFT price has been in a bearish trend in the past few days. It then went parabolic on Thursday and Friday as the developers launched several partnerships. As it rose, it managed to move above the important resistance level at $0.3335, which was the highest point on May 26.
As expected, the coin managed to rally above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved to the extreme overbought level. The same is true with other oscillators like the Money Flow Index (MFI) and Stochastic have moved to their overbought levels.
Therefore, there is a likelihood that the coin will pull back sharply in the coming days. If this happens, the next reference level to watch will be at $0.25, which is about 30% below the current level.
The post UFT price: What is UniLend Finance and Why Did it Just Soar? appeared first on CoinJournal.