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- The Celo coin fell sharply after marking its April high of $5.21 and has lost nearly 40% of its cost so far.
- On the daily price graph, the CELO is approaching to close the daily price candle below the essential moving average.
- CELO/BTC pair price is trending down 5.2% at 0.000007739 Satoshis.
The CELO coin saw a selloff near its April high of $5.21; Therefore, the coin has lost about 40% of its cost in just 7 days. Now the $5.21 mark has turned into a resistance level and $3.0 may act as an upcoming support area. However, since the 2022 low-$2.0, CELO’s price action was providing higher-highs and higher-lows formation in the context of the daily price chart.
At the time of writing, the CELO token is trading at $3.18, down 12% over the past 24 hours, according to CMC data. Similarly, the CELO/BTC pair price is looking down 5.2% at 0.000007739 Satoshis. At that time the bears are going to close the daily price candle below $3.2 (Important Support Level); Hence, investors’ eyes are on today’s closing price.
Based on the daily price graph, the CELO is close to the point where the daily price candle will close below the moving average. However, the intraday trading volume has been gradually decreasing over the past several days and reached $133.6 million last night.
CELO investors focus on the $3.2 mark
The RSI has broken the uptrend line (blue) that has been valid since February 20, as well as the halfway line (50 points) in the context of the daily price chart. Now the RSI is moving towards the oversold area, only then can there be a buying opportunity.
The ADX indicator has risen sharply and reached the 43 mark, which suggests strong bearish momentum for the CELO coin.
Conclusion
The question is whether or not the daily price candle of the CELO coin closes below the $3.2-resistance? If the price drops below $3.2 in any condition, then buyers may witness a bloodbath of terrible proportions.
Support level- $3.2 and $3.0
Resistance level- $5.2 and $8.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
