Celer (CELR) price prediction after the recent sell-off

By October 2, 2021Layer2
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Celer (CELR) price prediction after the recent sell-off

Celer CELR/USD has been one of the best performers on the cryptocurrency market since the beginning of September 2021, and the price of this cryptocurrency has reached a new all-time high above $0.20. The current price stands around $0.16, and if you decide to trade CELR, you should always use a “stop-loss” order because the risk remains high.

Fundamental analysis: Celer Network is designed to support optimal user experience

Celer Network is a layer-2 scaling platform that brings fast, secure, and low-cost blockchain applications on blockchains like Ethereum and Polkadot. Celer Network combines together State Channel and Layer-2 Rollup, and it has a focus on applications for gaming, DeFi, and micropayment.

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The most famous applications that are built on Celer are layer2.finance and cBridge, which have attracted large audiences in DeFi and the gaming space. Layer2.finance application has low transaction fees, and it is very easy to use, so it tackles the two largest challenges preventing DeFi from reaching mass adoption.

With the mission to bring DeFi to the masses, Celer Network’s layer2.finance v0.1 has launched on the Ethereum mainnet with Celer’s Optimistic Rollup-based solution. This novel solution allows people to access all existing DeFi protocols at a fraction of the cost through a unified interface by acting as a “DeFi Public Transportation System,” the team of Celer Network reported.

cBridge application offers you value transfers of almost any cryptocurrency at low cost across Ethereum’s layer-2 chains. cBridge has seen a continuous doubling of volume week over week since the application was released, and the goal of this application is to cover the entire tradeoff space and presenting all of the available options in an unbiased manner so users can select their best options.

Celer Network is decentralized and designed to support optimal user experience, while the security of the network only relies on layer1 blockchain. The native token of this network is CELR token which provides various layer-2 services for Celer Network users.

CELR token is an ERC20 token built on the Ethereum blockchain, and the total supply of CELR tokens is 10 billion. The team behind this project consists of highly regarded computer scientists with experience in building large-scale consumer and enterprise software such as Intel DPDK, Tensorflow, QUIC, and Google Fi.

Technical analysis: $0.15 represents the current support level

The cryptocurrency market is losing its value this Tuesday, Celer (CELR) has extended its correction from the record highs above $0.20, and the risk of further decline is still not over.

Data source: tradingview.com

CELR is currently trading very close to the current support level at $0.15, indicating that the price could weaken even more. If the price breaks this support level, it would be a very strong “sell” signal, and the next target could be around $0.13 or even below.

Summary

Celer Network is a layer-2 scaling platform that is designed to support the optimal user experience. Celer (CELR) has reached a new all-time high above $0.20 last trading week; since then, the price has weakened, and the risk of further decline is still not over.

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