Celer Network Price Action Nears Breakout as Triangle Formation Tightens

CELR trades at $0.007889 with a 24-hour volume of $4.22M, down 2.14% on the day.

Price action forms a descending triangle since February 2023, signaling possible breakout setup.

Key levels of a breakout lie at $0.010, $0.012, $0.016, $0.019 and $0.025.

Celer Network (CELR) is facing a critical stage as the daily chart pattern narrows sideways in a descending triangle. Since the beginning of 2023, price action has narrowed, with increased attention on the prospect of a breakout out of the present phase of consolidation.

Tightening Price Boundaries Signal Potential Move

According to market analysis shared by Jonathan Carter (@JohncyCrypto), CELR has been trading in a flat support zone around $0.0120. The upper boundary is capped by a descending resistance line, forming a structure that has held for several months.

Source: JohncyCrypto via X

This prolonged consolidation has reduced volatility, often preceding directional shifts in price behavior. Multiple tests of the $0.0120 support without a breakdown indicate strong buying interest in this region. This demand absorption continues to prevent sellers from pushing prices lower.

The resistance line has repeatedly rejected bullish attempts, but recent price action shows CELR testing this area with higher trading volumes. Such developments can suggest a reduction in selling pressure and a readiness for an upside attempt.

Technical Levels and Breakout Targets

The focus remains on whether CELR can secure a daily close above the descending triangle’s resistance. Such a move would represent the first structural breakout in months and may open the way for targeted levels.

Carter’s analysis sets post-breakout price targets at $0.010, $0.012, $0.016, $0.019, and $0.025. Historical trading activity shows the $0.016–$0.019 range as a key area of price memory. The volume profile also indicates a liquidity gap between these two points, suggesting faster movement if breached.

On the negative side, failure to break out would retain the existing consolidation. The threshold of bullish control is still around the $0.0120 support level and a fall under this level could lead to additional declines…

Current Market Position and Price Action

As of the time of writing, CELR is trading at $0.007889 with a 24-hour trading volume of $4,229,688. This represents a daily decline of 2.14% but a weekly increase of 1.89%.

Source: coingecko

The current market position shows traders exercising caution while awaiting a decisive move from the tightening formation. Bulls are likely watching for a confirmed breakout and possible retest as a trigger for new entries.

If confirmed, the breakout could align with increased buying momentum and carry price toward the initial targets set by the analysis. For now, both bulls and bears remain focused on the chart’s narrowing boundaries as the pattern approaches resolution.

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