- The CEL token bears reclaim the 20-day EMA line
- The CEL/BTC pair was trading at 0.0001195 BTC with a loss of 0.95%
- The 24hr trading volume is CEL tokens $9.7 Million
After reaching a peak of $8.2 on September 24th, the remarkable rally for the CEL token entered a retracement phase after displaying an evening star candle. A minor pullback like this is good for trending coins to maintain a healthy long rally. Furthermore, the token price has plunged to the strong support of $5.5, which can end this retracement period.
Concerning the EMAs, the CEL token price is trading higher than the critical EMAs 50, 100, and 200, indicating a bullish trend. However, the price has dropped below the 20 EMA line, encouraging the market sellers.
The RSI value for the CEL token is 50, indicating a neutral momentum in the price. However, the RSI line shows a substantial bearish divergence concerning the token’s price action, indicating weakness in bullish momentum.
CEL Token Chart Shows A Descending Triangle Pattern
The CEL token chart showed the formation of a descending triangle pattern in the 4hr time frame. The crucial support for this pattern is at $5.5, and a breakdown from this neckline will trigger an excellent short entry for its traders.
Moreover, the CEL traders can plot the traditional pivot levels in their chart, providing remarkable confluence with the SR levels. Thus, providing great confirmation and an extra edge in their trading.
The MACD indicator shows a bearish sentiment in the price as both the MACD line and signal lines move below the neutral zone(0.00).
Conclusion: From a technical perspective, the overall trend of this token is still bullish. However, the price action calls for a solid short opportunity with its bearish pattern. And If the coin manages to provide a decisive breakdown from the $5.5 neckline, the CEL trader can grab a strong directional move in this coin.
Support– $5.5
Resistance– $6.7