Celsius: Investors hoping for better days may be disappointed amid CEL’s 8.3% drop

The Celsius [CEL] token witnessed multiple highs and lows over the past month due to the bankruptcy proceedings and the events surrounding CEL’s lawsuit. With multiple factors such as lawsuits, short squeeze movement, and volatile price movements, can the Celsius token recover in the long term? A difficult task at hand The token’s Market Value to […]

The token’s Market Value to Realized Value ratio didn’t indicate towards any improvements in the situation. As can be seen from the image below, CEL’s MVRV ratio had been declining since the past week. Furthermore, the token’s velocity had been depreciating as well, indicating that the token wasn’t being exchanged across addresses.

Both of these on-chain metrics pointed towards an extremely bearish future for the token. However, the bad news doesn’t end there.There had been a massive decline in the Celsius token’s volume since last month. The volume depreciated from 19.8 million all the way to 4.49 million over the course of two weeks.

Even though there had been some spikes observed in the Celsius social volume, the token hadn’t been able to make too much of an impact on the whole. However, the sentiment around the token was largely positive throughout the month, indicating that the crypto community had a positive outlook.

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