CELR multi-week downtrend breakout analysis.The Celer Network's CELR token has been experiencing a sustained downtrend after losing the previous 0.00230-240 price floor, with liquidity providers pushing downwards via futures markets.
Currently the token's price sits right above the absolute, pre-2020 bull run monthly support level and the orderbook sits mostly empty below and above in the immediate levels. It recently broke from the downtrend line that kept has been keeping it down up from the previous high in the low 0.00300s.
If BTC keeps the momentum towards 70K, expect CELR to push towards 0.00250 with previous buyers (and LPs) selling at breakeven around that level thus acting as a resistance. If enough buy side momentum builds shorts will get squeezed and it may challenge the 200D-SMA at 0.00258 with an immediate target at the previous 0.00300s highs, where previous late breakout buyers will become the new resistance, if this level is broken it may open the door to the low 0.00400s.
The main challenge to reach the highest target is time, as the token would have to keep consistent upside momentum for bulls to take advantage of the upside windows provided by BTC and ETH.
The assessment is that the current short term risk/reward ratio for the token is loopsided, providing an excelent entry for a long term holder with enough breathing room from the initial pushs to evaluate with a decent margin of safety further continuation towards the reclaim of the 0.01 level.
It also serves as an excellent short term swing trade setup with 50%, 30%, 20% progressive profit taking at each of the targets.
If interested in the analysis, please remember to crosscheck the analysis and exercise prudence.
Long
