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- 1 The price of CELO is currently trading at $0.4173 where it is undergoing a change of 12.50% in the 24-hour trading volume.
- 2 The CELO price has declined by 4.6% in the last 24 hours.
The price of the CELO token recently made a negative reversal from the 100 EMA. This support zone near the price of $0.400 holds significance because it is presently the last defense zone and if the price falls further, it may spell trouble for the token.
The bulls are currently doing their best to salvage the price. The price is undervalued according to the oscillators and this may encourage more buyers to step into the market. The price of CELO is trading at $0.1099, and an upsurge in buyers is observed in the market.
The crypto market at large recently took a sudden plunge within the last few weeks. However, the major cryptocurrencies have reached their long-term support level which may have an impact on CELO price.
Investors Regaining Confidence In Price
The Investors seem to be hesitant regarding the positive change in the token. According to LunarCrush, the total bullish sentiment metric of buyers has declined by 22.98%. Nearly all parameters are highlighted in red within the platform, but the YouTube platform has escalated by 166.7% within the past week, suggesting that the token is attracting potential buyers across this community.
Technical Analysis Of CELO Price On Daily Chart
The price of CELO is trading below all the major 20/50/100/200 EMA levels which suggests that it is in a major downtrend. Despite testing its crucial resistance levels multiple times, the bulls have not been able to prevail over the trend.
Presently, the bulls are attempting to propel the token from the support zone near $0.400. If it succeeds in taking a reversal it can attain a target of %40 near its next resistance level.
The RSI value is 33.03 points and it is facing resistance from the 14 SMA, which is trending just above the RSI line at around 40.20 near the overbought level.
The stochastic RSI is moving on the RSI’s lead. The %K and %D lines are giving positive interception near oversold levels, and the current value of the Stochastic RSI is 8.23 points.
Conclusion
According to the analysis, the market has undergone a premature descent within the last few weeks. Presently, the price requires substantial support from buyers to make a comeback.
Technical Levels:
Support – $0.400
Resistance – $0.600
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
