- Examiner launches investigation into the Celsius network and its team.
- The price of CEL has fallen 4.57% over the last 24 hours.
- Investor and trader activity for CEL has become jaded.
Following Celsius filing for bankruptcy proceedings and eventually becoming insolvent, an examiner from JENNER & BLOCK LLP has launched an investigation of CEL, according to a document published recently.
The crypto market tracking website, CoinMarketCap, shows that CEL is trading at $0.9267 at press time, after a 4.57% drop in its price over the last 24 hours. During this same time, the trading volume for the token has also fallen by 44.93% compared to the previous day, taking the total daily trading volume to $6,423,166.
Daily chart for CEL/USDT (Source: CoinMarketCap)
CEL’s price has tumbled from a peak of $4.50 that it set earlier this year in the middle of August. Since then, CEL’s price entered into a free fall to reach a low of $0.84546 toward the end of August. Bulls then identified a trade opportunity as the price of the token climbed for the days that followed to a high of $3.00.
However, the token’s price has been in a decline ever since to now trade at its current price. Volatility and trader interest has dropped as well, which can be seen by the Bollinger Bands indicator.
Daily trading volume has also been flat for the last 1-2 months with minimal activity. The latest investigation that is being launched into the project may push the token price down depending on what is uncovered in the investigation. On the other hand, investors may treat this as an opportunity for quick scalp gains. This will elevate CEL’s price for a brief period.
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