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Is Celsius’ Repayment Plan Keeping CEL’s Recovery On Track?

Is Celsius' Repayment Plan Keeping CEL's Recovery On Track?
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Celsius Networks The halt to withdrawals plunged the cryptocurrency market into a bearish chasm over the past month. It is in the news today after paying off its remaining debt to DeFi Protocol MakerDAO. That payment of the remaining $41.2 million transacted on July 7, DAI were transacted. With this repayment, Celsius was able to release the secured $448 million.

In addition, according to zappersCelsius’ outstanding loans to Aave and Compound were reduced from $258 million on July 8th.

As these loan repayments mark a potential recovery for Celsius, CEL’s price rallied.

A few degrees hot

When Celsius began redemption on July 7, its CEL token was priced at $0.83. On the same day, the alt fell as low as $0.68. However, the bulls forced a correction that fueled an uptrend. CEL recorded an increase of > 10% in the last three days and was rated as $0.9110 at the time of writing.

In 3 days, the market cap grew by 9% from $197.42 million to $216.46 million.

Notably, data from CoinMarketCap also showed a clear upward trend in trading in the above-mentioned period. In fact, it rose by 92.88% in 24 hours.

Additionally, the Relative Strength Index on the 24-hour chart was above the neutral 50 zone at 53.12. The Money Flow Index was also seen on an upward trajectory at 58 as CEL accumulated.

Source: TradingView

on-chain performance

Therefore feeling, since Celsius began paying off its debt obligations on July 7, CEL’s on-chain analysis has revealed steady accumulation. In the past three days, the supply of CEL tokens outside of well-known exchanges grew by 0.5%.

Growth in this metric usually indicates greater accumulation. During the same period, the supply of CEL tokens on exchanges fell by 39%, meaning fewer people were selling their tokens.

Source: Mood

Additionally, the number of addresses that settled CEL between July 7th and July 9th increased by 80%. However, in the past 24 hours, it had fallen by over 200%.

In the aforementioned period, the number of addresses conducting CEL transactions grew by 138%. Similarly, the total amount of CEL tokens across all transactions increased by 80% over the period.

Source: Mood

On the social front, the performance of the crypto over the past few days has not been impressive. Its social dominance has declined by 29% since July 7th. His social volume also saw a 14% drop over the same period.

Source: Mood

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