Celer CELR/USD has weakened from its record highs above $0.20, registered on September 26, to $0.105, while the current price stands at $0.118.
Continuously working on new upgrades
Celer Network is a layer-2 scaling platform that brings fast, secure, and low-cost blockchain applications on blockchains like Ethereum and Polkadot. Celer has the mission to bring DeFi to the masses, and it is designed to support the optimal user experience.
Celer has a focus on applications for gaming, DeFi, and micropayment, while the CELR token is the utility token that is required to participate in the network.
cBridge and Layer2.finance are the most famous applications that are built on Celer, and these two applications 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. cBridge application offers you instant, low-cost and any-to-any value transfers within and across Ethereum’s layer-2 chains.
CELR token is an ERC20 token built on the Ethereum blockchain, and it provides various layer-2 services for Celer Network users. The total supply of CELR is 10 billion tokens, and the price of this cryptocurrency reached record highs above $0.20 in September 2021.
Since then, the price has collapsed, daily trading volume has weakened, and the risk of further declines is probably not over.
Celer is continuously working on new features and upgrades, which are very important for expanding its ecosystem. The popularity of this platform is rising across the globe, while more and more exchanges are offering CELR cryptocurrency. The team of Celer announced this week:
We are excited to announce that we are rolling out the cBridge 2.0 Testnet Upgrade! This includes a brand-new State Guardian Network (SGN) experience, and we’ve also set aside $20,000 that we will be sending to anyone who helps us test and try out the various functionalities of this new and exciting upgrade.
CELR extended its correction
Technically looking, Celer (CELR) extended its correction from the record highs above $0.20, registered in September 2021, and if you decide to trade this cryptocurrency in the upcoming days, you should consider that CELR can weaken even more.
CELR is currently trading above the $0.10 support level, but it would be a strong sell signal if the price falls below. The next price target could be at $0.080 or even below; still, if the price jumps again above $0.14, we have the open way to $0.16.
Summary
Celer Network combines together State Channel and Layer-2 Rollup to cater to a diverse set of applications such as micropayment, DeFi, and gaming. Celer (CELR) has weakened from its record highs registered in November 2021, and the risk of further declines is probably not over.
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from Market Analysis – Invezz
