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- CELO coin price is currently in a consolidated trend after seeing a continuous downtrend. Meanwhile, the asset price has seen a fall of 5% in the intraday session.
- Technical indicators of CELO suggests a downside trend for the future. CELO/BTC pair is currently down by 3.2%
CELO is a blockchain ecosystem focused on the crypto adoption among smartphone users. By using their phone numbers as publickeys, they hope to introduce the billions of people of world with crypto including those without banking access.The ecosystem also allows for the creation of smart contract and decentralized applications as part of DEFI. They launched their mainnet in April 2020. The main unique point of CELO lies in the focus of smart phones. Various analysts are predicting a strong growth for the future.
The current market cap of the CELO is $397,009,876 and is ranked 91st in the cryptoverse. The volume of the CELO has seen a decrease of 4% in the intraday session. Meanwhile, the volume to market cap ratio of the asset suggests a consolidated trend in price.
Will CELO Break Its Long Awaited Support?
The weekly technical chart of CELO suggests a downtrend in price for the future. On coming to the daily chart the coin price is currently trading near $0.9 with a loss of 5%. The asset price is currently trading below the 50 and 100 Daily Moving Average. One can observe a negative divergence in price in the future. The support of the coin price in the downtrend can be seen near $0.7. Meanwhile, the resistance of the coin can be seen near $1.
RSI: RSI of the asset price is currently near 38 suggesting its presence in the oversold zone. There is a negative slope formed in the RSI suggesting a downside trend. The overall sentiment of the RSI is bearish.
Conclusion
CELO has been one of the major contributor to make crypto for mass. It is founded by several big organizations. The asset price is currently in a consolidation but can soon see a major move in the future.
Technical Levels
Major Resistance:$1
Major Support: $0.7
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
