A surge in CEL accumulation calls for a profitable December for investors

  • Galaxy Digital has announced its intention to acquire GK8 from Celsius Network [CEL]
  • CEL saw increased accumulation in the past week

On December 2, Galaxy Digital (Galaxy), a financial services and investment management company, confirmed its intention to acquire high security depository GK8. The organization planned to acquire it from now-collapsed cryptocurrency lending company Celsius Network [CEL].

Reading the Celsius Network [CEL] Price Prediction 2023-2024

While still in operation, Celsius acquired Israeli company GK8 for $115 million in November 2021. Galaxy Digital’s acquisition of the digital asset custodian was executed alongside the Celsius Network asset divestiture as its bankruptcy process was continuing.

According to the press release, by acquiring GK8, Galaxy,

“Intends to support GK8’s ongoing operations by offering unique self-custody technology to the world’s leading financial services companies, as well as utilizing GK8’s custody solution in GalaxyOne’s ongoing development. “

Mike Novogratz, Founder and CEO of Galaxy, said:

“The acquisition of GK8 is a cornerstone in our efforts to create a true full-service financial platform for digital assets, ensuring our customers have the ability to store their digital assets on or separately from Galaxy without compromising versatility and functionality. Adding GK8 to our core offering at this pivotal time for our industry also underscores our continued focus on taking advantage of strategic opportunities to grow Galaxy in a sustainable way.

Turn up the heat for CEL

At press time, CEL traded hands at $0.5259, after recording a 0.30% rise in price over the past 24 hours. A daily chart assessment of CEL’s performance showed an increase in token accumulation since November 21st. The surge in buying pressure resulted in a new bullish cycle on November 24th. Thus, mirroring the rest of the general cryptocurrency market.

As of this writing, CEL’s Money Flow Index (MFI) has moved closer to the overbought position at 66.43. A few days ago, it was below the 50 neutral zone before the advent of the increased accumulation.

Although positioned below neutral, CEL’s Relative Strength Index (RSI) was on an uptrend at press time. Between November 21 and press time, CEL’s RSI moved from the oversold position of 27 to 40.95. This showed that the buying momentum has picked up over the past few days.

Similarly, the dynamic line of the Chaikin Money Flow has moved from -0. 14 on November 21 to return a positive value of 0.03 at press time. This represented a significant growth in CEL’s buying momentum over the past week.

Source: Trading View

However, despite the rise in CEL accumulation, investors continued to experience losses in their investments. This was partly due to the slowdown in the general cryptocurrency market and the sudden collapse of FTX. Additionally, for the most part, investors have remained wary of CEL as the token remains mired in negative sentiment.

Leave a Comment