Celsius’ RSI is Now most Overbought it Has Ever Been, What’s Next?
According to one of the most popular momentum indicators, Celsius (CEL) has reached extreme overbought readings.
RSI Indicator
The Relative Strength Index (RSI) on the daily chart reached 93.61.
The last time RSI reached such values was in April 2021, when the cryptocurrency price peaked and fell by 31% in the coming 15 days.
The previous highest daily RSI reading recorded in April 2021 was 84.18. A visual comparison reveals that the price action looks similar to the price action from a year ago – both rallies were fast-paced.
Because the RSI is a leading indicator, readings above the 80 level have often marked the top.
Price can also remain in consolidation below the $4.70 resistance level until the RSI oscillator resets itself. Nevertheless, in the short term, we are more likely to see a pause in the trend.
The technical picture also shows strong resistance at $4.70, followed by the $5.00 psychological level where the bears may give a strong fight.
Looking forward: On the downside, the $3.50 level is a strong candidate for the support level. A daily break and close below this level will open the door for a retest of the key $2.60 support level.
