CEL surges as Celsius settlement gets court approval, details inside

ambcrypto.com:

On 21 March, cryptocurrency lending platform Celsius Network [CEL] received approval from the bankruptcy judge overseeing its bankruptcy case for a settlement agreement between the company, its debtors, the official committee of unsecured creditors, an ad hoc group of custodial account holders, and any non-withdrawal custody account holders. 

Read Celsius’s [CEL] Price Prediction 2023-2024

Per the settlement agreement, custody account holders on the platform who decide to opt in may recover 72.5% of their cryptocurrency holdings. The settlement agreement will indemnify Celsius Network against any future claims by any custody account holder agreeing to recover 72.5% of their crypto holdings. 

Following the court’s go-ahead for Celsius to make its custody account holders partly whole, CEL has seen increased trading in the past 24 hours. According to data from CoinMarketCap, the token’s value went up by 5% during that period, while trading volume surged by over 200%.

Growth in an asset’s trading volume with a corresponding rally in its price is a bullish sign, and it often indicates that the price may continue to grow. Per Santiment, CEL’s weighted sentiment was a positive 0.151, suggesting that investors remain convinced of a further price rally. 

Source: Santiment

However, with many CEL day traders unsure of the exact breakout direction of the altcoin, the token’s price has traded sideways on a 12-hour window. At press time, CEL exchanged hands at $0.3784. 

An assessment of the price relationship with the Bollinger Bands indicator showed CEL trading on the middle line. When the price of an asset is on the middle line, it suggests that the price is in a neutral position and it is neither overbought nor oversold. It is