- CELO price witnessed a spike of 44% in a span of two days subsequent to a bounce back from the $1.66 level
- The current price of CELO crypto is $2.19 established on the back of a 30% upswing in the past 24 hours
- In contrast, the CELO/BTC pair is trading at 0.00006423 BTC with an intraday gain of 12.35%
In addition to the Crypto Fear and Greed Index flashing extreme fear, the overall crypto market is witnessing significant price fluctuations. The price of CELO bounced off from the critical support of $1.66 as a consequence of colossal buying pressure from the demand pit.
Presently pacing its momentum at the same level of May’s losses, the price action of CELO is trading sluggishly inside the Descending Parallel Channel. After persuading a Death Cross with the critical EMAs, the 20 EMA is consistently invalidating the efforts of the bulls to plunge the price above by serving as temporary resistance to the price action.
A breach of the overhead resistance zones at $2.41 and $2.75 could result in an upward trajectory for CELO. Similarly, the violation of the 20 EMA on the daily chart could also empower bulls to enforce quick recovery.
On the flip side, the failure of the CELO price to lose the support of $1.66 will be accompanied by the wrath of bears who will further attempt to expose the price of the nearest support cushions of $1.24 and $0.80 respectively.
Today’s volume of (3.01 M) is considerably higher than the 20 period Moving Average which lies at (2.05 M). The recovering strength in buying pressure demonstrates the fact that the bulls have successfully regained their dominance.The Stochastic RSI on the other hand is overextended thus hinting the possibility of a Bearish Crossover in the upcoming trading sessions.
According to the Coinmarketcap website, CELLO is ranked at the 97th place on the Global Crypto Crypto Currency Rating after establishing a Market Dominance of 0.20%.
CELO Price Chart on the 4-hour Time Frame
The 4-hour chart of CELO projects a detailed landscape of the Descending Parallel Channel. As mentioned earlier, the price action is explicitly maintaining its foreseeable momentum inside the bearish continuation pattern.
A quick glance beneath the FIB 0 at $1.70 validated the bulls to exhibit a comeback and attempt to breach the 0.236 FIB retracement at $2.25. However, retracement beyond the bearish FIB highlights the continuation of the channel pattern.
For bulls to grant an exit ticket and overturn the structure as a bullish reversal pattern, the current trend of CELO needs to sustain above the 20 EMA. The failure of the trend to do so, will lead to further decline in momentum.
The Relative Strength Index is gradually pacing itself after spiking rapidly from the oversold territory. Currently hovering below the range of 50, it is anticipated that the reversal will be in accordance with the RSI heading beneath the 45 level. The 44% rally was due to the RSI projecting bullish divergence for roughly one week.
The Moving Average Convergence Divergence is losing its bullish streak as evidenced by the declining histogram. A halt at the support region of $1.95 would prompt another bullish crossover between the MACD and the signal line for the upcoming trading sessions.
SUPPORT : $2.41, $2.75
RESISTANCE : $1.95, $1.66