- Celer Network price has done well recently as the network activity increases.
- It has surged by more than 45% from the lowest level in October.
Celer Network price surged this week as demand for the coin rose. CELR coin soared to a high of $0.018, which was the highest level since September this year. It has surged by more than 46% from its lowest level in October giving it a market cap of more than $125 million.
What is Celer Network?
Celer Network is an upcoming blockchain project that offers three products to make the industry more vibrant. It provides the State Guardian Network, Celer cBridge, and Layer2 Finance.
Celer’s IM product changes how developers build decentralized projects. Instead of building projects on isolated blockchains, it has features that make it possible for one to deploy them across networks. The most popular apps that can be built using this technology are DeFi, GameFi, NFTs, and governance protocols.
Celer Network is powered by CELR token. It is used as a staking token in the ecosystem and to ensure the economic security of Celer Instant Messaging (IM) service.
There are several reasons why the Celer Network price has jumped sharply recently. First, Celer integrated with the Aster Network this week. Astar is one of the fastest-growing parachains in the Polkadot ecosystem. Apps created in Astar will leverage Celer’s IM to communicate with those in other chains.
Second, Celer Network partnered with BitKeep Wallet. This means that cBridge will be integrated into its wallet, which will give its users a simple-to-use and cheap cross-chain bridge. Further, Celer made a successful cBridge upgrade and partnered with Aptos and Brightside Finance.
Meanwhile, Celer’s network has continued growing in the past few months. In October, cBridge had over $11 billion worth of transactions in its network. It has increased the number of supported chains to 37 and the number of tokens to 137. The most popular chains are Ethereum, BNB, and Solana.
Learn more about how to buy Ethereum.
CELR price forecast
The four-hour chart shows that the Celer Network price has made a spectacular recovery. This happens as the coin formed an inverted head and shoulders pattern whose neckline is at $0.016. It has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level.
Therefore, while the bullish momentum is there, I suspect that it will retest the important support level at $0.016. A break and retest pattern is usually a bullish sign. If this happens, it will retest that level and resume the bullish trend to $0.20.
