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CEL climbs 50% as Celsius Network aims to return $50M to clients

Published 09/02/2022, 06:42 AM
Updated 09/02/2022, 08:20 AM
CEL climbs 50% as Celsius Network aims to return $50M to clients

The price of CEL soared by nearly 50% as traders assessed its parent firm Celsius Network’s inclination to return a portion of the locked funds to its customers.

On the daily chart, CEL surged to its intraday high of $1.67 per token on Sept. 2 after lows of $1.15 the day before. However, the token’s sharp rally accompanied lower trading volumes, suggesting a lack of conviction among traders about further upside moves.

CEL/USD daily price chart. Source: TradingView
CEL/USD four-hour price chart featuring rising wedge breakdown setup. Source: TradingView

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