Celsius Network (CEL) and Avalanche (AVAX) are on bearish trends despite pumps that surprised bears. The tokens still bear the brunt of the recent crypto crash.
This crypto market slump has erased nearly $1 trillion from the market and left hundreds of thousands of investors holding the bag. But there are still 100x gems to find.
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Celsius Network (CEL) Fails to Make a Comeback After Forced Liquidation
Celsius Network (CEL) flushed most of its value after declaring bankruptcy last July.
Recently, the token has been in the headlines with court hearing updates following its restructuring plans and how Celsius depositors may be reimbursed.
It has requested court authorization to dispose of its stablecoins to pump up liquidity needed for its operations.
However, investors’ sentiment towards the coin remained negative. Celsius Network is exchanging hands at $1.62, reflecting a 79.80% decline from its all-time high a year earlier. The token also slipped 43.60% in the past month.
In addition, the total market value of CEL has plunged by 36.21%, as seen in August. At the same time, its market dominance skidded by as much as 41.25%. The coin’s 50-day exponential moving average is placed above the 20-day EMA, striking an extended bearish move.
The Celsius Network failed to anchor a rebound amid the nagging issues that worry holders about the altcoin. Notably, uncertainty is creeping on the token, and traders are extra cautious in making any move.
The Hideaways (HDWY) could be a saving grace for CEL holders who seek to gain returns without lingering concerns.
Avalanche (AVAX) Walks Toward a Rough Road Ahead
Avalanche (AVAX) fell to another bearish turn as its price dropped to a year low. The token is anticipated to continue its downtrend as the bleak momentum increases.
AVAX currently trades at $18.51, down 87.30% from its peak last year and 24.00% below the prior month.
Avalanche’s 1-day price chart revealed further declines ahead for the token. Specifically, the Relative Strength Index (RSI) is at 36.48, suggesting a further drop in the coming days. At the same time, the MACD indicator leans in the bearish zone.
The Avalanche platform launched in 2020 is positioned as a viable alternative to significant players like Ethereum. However, the latest success of ETH Merge would not be beneficial for AVAX, citing the recent price fluctuations.
Moreover, accusations from self-described whistleblower Crypto Leaks also dragged Avalanche. Last August, the site published a paper that charged Ava Labs with engaging in dubious back-door arrangements, which eventually led to a crash in AVAX price.
The Hideaways (HDWY) Price Predictions Continue to Soar
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