- The CELO token price creates a morning star pattern but fails to rise higher with a follow-through.
- Push from the 50-days EMA has kept the bullish trend alive.
- The CELO/BTC token pair is trading at 0.0001387 BTC, with an intraday growth of +11.26%.
Celo token price action forms a morning star candlestick pattern with a long bullish engulfing candle by the demand found near the $4 level. The price jump of more than 20% resulted in the breakout of the $5 mark.
The price jump drives all the EMAs higher, increasing the possibility of the EMAs sustaining the bullish formation.
However, the price failed to rise higher with a bullish follow-through candlestick; instead, it forms another Doji presenting the sideways trend in motion.
CELO token price is presently trading at the $6.19 mark, with a rise of more than 140% in intraday trading volume. In addition, the market cap of the token has increased by 4.91% in the past 24 hours, making it the 61st largest crypto asset in the world.
4-Hour Technical Chart Of CELO Coin Price
As per the price action analysis, the CELO token price could face difficulties to rise above the $6.8 or $8.5 mark if the bullish momentum exhausts. Additionally, the critical support levels are at the $4 and $2.5 mark.
The RSI moves slightly below the overbought area, indicating slow growth in underlying bullish sentiments.
The ADX lines are projecting a saturation in trend momentum.
Overall, the ADX and RSI indicators project the bullish trend momentum.
Conclusion – Investors with bullish plans to drive the bullish trend in CELO token price may want to until the price breaks above the next resistance level. However, one can place a small entry at current prices per one’s risk appetite.
Support– $4 and $2.5
Resistance– $6.8 and $8.5.