CEL Token Drops 13% Amid Mashinsky’s Sentencing Dispute
Celsius (CEL) surged 50% on Monday, climbing from $0.087 to $0.139, but has since corrected sharply, trading around $0.103, down over 13% in the last day.
The decline follows updates regarding founder Alex Mashinsky, whose legal team criticized the U.S. Department of Justice's (DOJ) request for a 20-year prison sentence, calling it excessive.
Key Developments
- Mashinsky pleaded guilty in December 2024 to manipulating CEL’s price and fraudulently selling $48 million in tokens before Celsius’ collapse.
- In April 2023, the DOJ recommended a lengthy sentence, citing calculated actions by Mashinsky.
- Celsius filed for Chapter 11 bankruptcy in July 2022, resulting in a $4.7 billion loss and a restructuring plan that has repaid $2.53 billion to over 250,000 creditors.
Price Analysis
Despite the recent spike, CEL is down nearly 99% from its all-time high of $8.02 in 2021. The RSI is near 57, indicating potential upward momentum if trading volume remains steady.
Bollinger Bands show slight widening, suggesting a short-term cooldown. A critical support level is at $0.087; falling below this could lead to further bearish trends.
CEL price chart with Bollinger bands and RSI | Source: Trading View