Key notes
- It jumped at $ 0.139 before going back to $ 0.103, marking a daily drop of 13%.
- The sale coincided with the Mashinsky legal team, sentenced to the 20 -year penalty for the DoJ.
- Uncertainty around Celsius continues to weigh on the momentum of the token prices.
After a major increase on Monday which saw Celsius (Cel) skyrocketed 50% from $ 0.087 to $ 0.139, the token is now strongly corrected. At the time of writing this document, cryptocurrency is negotiated about $ 0.103, down more than 13% during the last day.
The slowdown follows new updates surrounding the disgrace founder of Celsius Network, Alex Mashinsky. On May 5, Mashinsky’s legal team was unleashed at the request of the United States Ministry of Justice for a sentence of 20 years in prison, calling this a “death penalty” for the 59 -year -old man.
Mashinsky lawyers argue that the government overflowing the case, highlighting its non -violent history and its long -standing sales record. They argue that he is unjustly displayed as the villain behind each miscapted Fail Celsius.
Doj pushes for a long sentence
Mashinsky had pleaded guilty in December 2024 to manipulate the price of Cel. He also fraudulently accepted the unloading of $ 48 million in chips before Celsius collapsed in June 2022.
Mashinsky’s response comes after the MJ labeled its actions calculated in its April 28 recommendation, suggesting a 20 -year prison sentence. The prosecutors won seven charges against him in July 2023.
Celsius filed a bankruptcy file in Chapter 11 in July 2022, leaving a crater of $ 4.7 billion in its wake. A restructuring plan approved in November 2023 led to partial reimbursements, with $ 2.53 billion distributed to more than 250,000 creditors in August 2024.
Cel price perspectives
Despite the recent Cel rally, X data shows that many traders are cautious because of his past and volatile scandal act. In particular, the token is currently down almost 99% compared to its summit of $ 8.02 in 2021.
On the table of daily CEL prices, the RSI is displayed almost 57 years, gradually moving to an exaggerated territory after its recent tip. An RSI increase with a sustained trading volume could lead the token to give $ 0.139 again.
Cel Prix Thart with Bollinger Bands and RSI | Source: Commercial view
The Bollinger strips were slightly widened, the price now withdrawn from the upper band, a sign of a short -term charging time. $ 0.087 acts as a crucial support for the CEL and a drop below, this could return the token in a prolonged downward consolidation.
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Cryptographic journalist with more than 5 years of experience in the industry, Parth has worked with the main media in the world of crypto and finance, the collection of experience and expertise in space after having survived bear markets and bulls over the years. STHTH is also an author of 4 self-published books.
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