Celsius Network’s CEL Price Tanks 10% After CEO Alex Mashinsky Steps Down
CEO of embattled crypto lender Celsius Alex Mashinsky has resigned as the company’s CEO as it faces Chapter 11 bankruptcy in New York. The announcement comes after the company filed for Chapter 11 bankruptcy as leveraged bets made at the height of the crypto bull market started to unwind earlier this year, leaving customers bereft of $4.7 billion.
CEL has been increasing alongside an ascending support line since June 13. The rate of increase accelerated on Aug. 7, and the price reached a high of $4.63 on Aug. 13. This seemingly caused a breakout above the $2.10 resistance area. Now, CEL has returned back to the ascending support line. A breakdown below it would likely lead to new yearly lows. Due to the rejection from the aforementioned resistance and the RSI decrease below 50 (red circle), a breakdown from the ascending support line would be the most likely scenario.
Source
https://t.me/DeFi_Ethereum
