Market Trend 08/08 - 14/08 | Cel reaches $3.93 while ETH maintains an upward momentum

Many cryptocurrencies maintained constant prices during the week and most of them failed to break key resistance levels. However, CEL, the cryptocurrency for the troubled Celsius, maintained a high momentum not just within the week but within the past two months. The CEL token, which recorded over 500% price increase within two months, gained value during the week. Although its value in June was around $0,093, by the end of the week it was trading at around$3.93.

The probable reason for CEL’s rise in value during this week was the rumour that Ripples wants to purchase Celsius assets. In fact, Reuters reported the latest development, although there is no confirmation of the transaction. As a result, during the mid-week CEL gained 16% within 24 hours. By the end of the week, it still maintained a bullish momentum.

According to Forbes, at one moment during the week, CEL’s highest price was $4.03. However, its weekly lowest value was $1.19.

Source: Forbes

Bitcoin had mixed fortunes during the week as its price kept on swinging low and high. For example, on August 8, it gained ground and reached a high of $24,200, before plunging down to $22,800 on August 10. Once again, its price rose to $25,000 on August 11 before falling to $24 000 on August 12. Definitely during the week, Bitcoin experienced serious fluctuations, failing to maintain the momentum.

Source: Tradingview

ETH showed some bullish momentum during the week as it almost reached $2 000. Notably, on 11 August, its price was above $1 900 with a daily peak of $1,943. Note, too, that its price rose above $1 905 which acted as a support level since 2021. In total, the price of ETH rose by 18.1% during this period, showing sustained momentum. However, by the close of the week, its value dropped below the $1 700 resistance level. Also, at the time of writing, the daily RSI is above 50.

Solana (SOL) is another cryptocurrency that maintained an upward price movement during the week. It registered a 12.6% price increase but failed to break above the $44.00 level. However, the momentum remained bullish despite having faced serious resistance from the bears. By the end of the week, SOL had formed an ascending triangle, showing a potential of a breakout in the coming week.

Source: Cryptopotato

Although most of these cryptocurrencies did not perform to the expected level, they showed a bullish momentum throughout the period, despite recurring swings.