Market Overview: Celer Network/Tether USDt (CELRUSDT)

• Price surged 3.6% in 24 hours, closing near a 15-day high at $0.00825.
• Momentum accelerated mid-day, as RSI crossed 50 and MACD turned positive.
• Volatility expanded in the final hours, with a 3.3% range between 14:45 and 15:15 ET.
• Volume spiked during the bullish break above 0.00823, confirming strength.
• A bullish engulfing pattern emerged late morning, aligning with a 61.8% Fibonacci level.

Celer Network/Tether USDt (CELRUSDT) opened at $0.00811 on September 9 at 12:00 ET, reaching a high of $0.00837 before closing at $0.00825 on September 10 at 12:00 ET. Total volume was 43,199,798 CELR, and notional turnover amounted to $356,790.

Structure & Formations

The 24-hour chart shows a clear bullish bias, with a key support level forming around $0.00813 and a resistance cluster near $0.00827. A bullish engulfing pattern emerged at $0.00814, signaling a shift in momentum. The price also found confluence at the 61.8% Fibonacci retracement level of a prior 15-minute bearish swing, which acted as a pivot point. A doji formed near $0.00822, suggesting indecision but was quickly followed by a strong upward reversal.

Moving Averages

On the 15-minute chart, the price is currently above both the 20SMA and 50SMA, indicating a short-term uptrend. The 50SMA is moving higher and aligning with the 20SMA, reinforcing the bullish bias. On a daily basis, the 50DMA is crossing above the 100DMA, hinting at a potential medium-term trend reversal after a period of consolidation.

MACD & RSI

The MACD turned positive in the early hours of September 10 and has remained above the signal line, confirming bullish momentum. A bullish crossover in the MACD histogram supports the continuation of the rally. The RSI climbed into overbought territory, peaking at 67, suggesting that the move might pause or consolidate in the short term, though not necessarily indicating exhaustion.

Bollinger Bands

Volatility expanded significantly during the early afternoon session, with the price trading near the upper band for several hours. This suggests a period of strong buying pressure and a continuation of the upward trend. A contraction in the bands was observed just before the breakout, acting as a warning sign for a potential move.

Volume & Turnover

Volume spiked sharply after the price broke above $0.00823, with a 15-minute candle at 12:30 ET showing a volume of 4.3 million CELR. Notional turnover increased by 32% during this period, confirming the strength of the breakout. A divergence between price and volume was not observed, suggesting that the rally is well-supported by buying interest.

Fibonacci Retracements

A key 61.8% Fibonacci level at $0.00822 acted as a pivotal support level during the morning session. The price held above this level and reversed higher, confirming its significance. On the daily chart, the 50% retracement level of the prior bearish move sits at $0.00820, which now acts as a key reference for possible consolidation or a pullback.

Backtest Hypothesis

Given the confluence of a bullish engulfing pattern, a 61.8% Fibonacci level, and a confirmed breakout above the 20SMA, a backtest could explore a long entry just above $0.00823 with a stop below the doji at $0.00822. A target could be set at the next resistance near $0.00827, which aligns with the upper Bollinger Band and a 20SMA level. This setup would aim to capture continuation of the bullish trend while managing risk on a potential pullback.