- CELO is on its way to achieving a stable price mark after it climbed up the chart in an unconventional manner
- The current market price of the token is in the middle of its 24-hour high/low range
- The weekly performance of CELO went down by 15.98% since the recent crash
CELO is trying hard to achieve a stable bullish momentum after a series of ups and downs for the token on the chart. The overall sentiment of the token stayed bearish for an extended period. The ROI of CELO has stood at 402.47% since its launch. The token’s market cap stands at $1.5 billion after gaining 11.35% in the last few hours.
The trading volume of CELO in the last 24 hours went up by 193.58%. The volume to market cap ratio stands at 0.08577. The CELO/BTC pair comes out with an intraday gain of 13.31%, followed by the CELO/ETH pair with an increment of 12.32% during the intraday session.
The 30-minute chart explains the current nature of the token at its current position. CELO climbed to create a cup and handle pattern during the sudden rise and a distribution zone right after that. The zone created recently may prove to be the reason for an upcoming dip to regulate the token’s price. The significant EMA lines all support the current price of the token by staying below the candles. The 50 EMA line chases the lows of CELO, while the 100 EMA line stays below the 200 EMA, which is in the middle of the other two.
MACD point out a growth period, while RSI sticks to the risk of a dip for CELO
The monthly performance of CELO has not been excellent, bearish in fact. However, the MACD line has been above the signal line lately and is about to thoroughly go over the zero level while converging with the histogram.
The RSI level comes out to be 56.7 and may indicate that the token may enter the overbought zone with the current momentum.
The resistance stands at $4.785, and support is at $3.974.
Conclusion- CELO’s market action looks bullish for day trading but bearish for the long term. One may opt for day trading but reconsider investing for a long position.
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.