CEL has had a good year, outperforming nearly every altcoin. Since the start of the year, CEL has increased in value by more than 400%, while CEL is currently up over 2400% since its ATHs in November 2019. Since mid-June, CEL has been seeing a high correlation with BTC. As shown below, we can see that from the eight moves BTC has made since mid – June, CEL has followed six of them (6/8).
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With the percentage gains of BTC shown against CEL, we can see that CEL has certainly made strong strides recently. Since the start of September CEL, has really taken off, increasing by over 100% from $0.34 towards $0.74 USD. These substantial gains are presented below, showing that CEL has increased 106% over the course of 14 days.
When looking at the current formations for CEL we can see that there is currently a bullish ascending support line. This support line has numerous points of validation and has been strictly obeyed by CEL.
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This upwards support line began on the 8th of September and is still being obeyed 16 days later. The upwards support line occurred after a prolonged period of sideways trading. Between 28/06/20 – 08/09/20 CEL only saw sideways movement.
CEL is currently within an upwards broadening formation, right in the middle of this formation. When we look at the Elliot Waves within this formation we can see, as demonstrated below, that we are currently moving within the 5th wave.
CEL price targets Due to the overall bullish feel around CEL, the two price targets are both above the current price.
The first price target is $0.95 USD. Reaching this target would see CEL increase by 25%. This price is very much possible. With the flip of indicators such as the Gann HL and the MACD flip looking imminent, these indicators should carry CEL towards this price.
The second price target is $1.13 USD. To reach this, CEL would need to break through the R1 resistance level which could be tricky. It would also require CEL to initiate a substantial run. If this level is reached it would see CEL increase by 51%
Please share your thoughts in the comments below and watch out for the market!