- CELO Coin price has been trading in a descending triangle pattern since the start of 2022, which signifies the strong grip of sellers over the coin.
- The crypto asset has rebounded to the 20 SMA line and is trying to overcome the 50, 100, and 200-days DMA to be bullish.
- The pair of CELO/BTC is trading at 0.00007014 BTC with an intraday drop of 1.14%, whereas the CELO/ETH pair is CMP at 0.0009848 ETH with a 24-hour negative change of 2.82%.
The CELO Coin Price is CMP at $3.09.The 24-hour trading volume has significantly decreased to 4.06%. For the time being, the market cap value of the coin also decreased to 0.77%, and the volume to market cap ratio of the CELO coin is 0.05823. The token is presently trading bearish over the daily chart. However, as soon as the bulls take charge, they may approach the rebound of the CELO Coin. The crypto value of the CELO coin has been trading in a descending triangle since January 2022. The bulls tried to provide an upthrust to the coin but failed.
CELO Coin is looking for a long-term opportunity to rebound. If the coin manages to get the desired support, then bulls may aim for a $5.30 resistance level. Currently, the coin is consolidating above the crucial support area over the daily chart.
CELO coin price is consolidating over the daily chart. The bulls are waiting for the coin to get support at the demand zone. At the same time, the trading volume is below the average line over the daily chart. CELO coin needs to attract more buyers to increase the trading volume in the intraday trading session.
What does technical indicators signify for CELO?
CELO Coin has to move out of the descending triangle pattern. The bulls have to take the command. After looking at the current outlook of the market, bulls may continue to struggle to find a suitable support level. Bulls may encounter any procrastination on the way to rebound, but they have to be very considerate. In addition, the Bollinger band signifies the sideways momentum of the CELO coin with no sign of crossovers.
Relative Strength Index forecast neutrality for the coin. Meanwhile, MACD exhibits that the MACD line was about to cross the signal line negatively near 0 but failed. The MACD line is approaching the positive zone to be bullish over the daily chart.
Conclusion
The CELO Coin price is consolidating over the daily chart. Buyers are looking for an opportunity to rebound the coin to retest the $5.30 resistance level.
Investors need to wait for any directional change over the chart. CELO coin may experience a rebound sooner or later.
Technical Levels
Support Level: $2.80 and $2.00
Resistance Level: $5.30 and $7.80
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.