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Derive
- CELO price action is reflecting the higher-lows formation near below the crucial $3.20 resistance level.
- The CELO bulls are well maintaining the coins price above the 20 and 50-day moving averages in terms of the daily price chart.
- The CELO/BTC pair price is trading at 0.00007156 Satoshis, down by 1.19%
Celo coin has been underperforming over the past several weeks after noticing a head and shoulders pattern (yellow) in the context of the daily price chart. The asset has registered a decline of nearly 65% from its 2022 year high of $6.05 to $2.05 (2022 year low). Nowadays, the CELO coin appears to be in bullish territory and the price action of the crypto is attracting a high-low formation.
The past week was an incredible one for the CELO coin, seeing a nearly 70% rally even when the bulls failed to manage it. At the time of writing, the CELO coin is approaching the crucial resistance level of $3.20 while trading at $3.08, which is up 1.9% in the red zone. Moreover, the CELO/BTC pair is trading with a decline of 1.19% at 0.00007156 Satoshis.
Weekly price chart is suggesting an inside candle zone after a bullish weekend. CELO Coin noted a highly volatile trading session on March 17th, where volume was $51.9 million. Thus, the asset has gained 38% trading volume in the last 24 hours. Meanwhile, the volume to market capitalization ratio is 0.1311.
CELO holders are holding the price well above the 20 and 50-day EMAs on the daily price chart. Above the critical resistance area, the remaining 100 and 200-EMAs are likely to influence the directional trend.
Wait for a confirmation above vital resistance zones
Stoch RSI is seeing an overbought phase on the daily price chart. Recently, the moving line gave a bullish crossover and again continued to move towards the 100-level.
The Average directional index is appearing higher at 28-mark, reflecting the bullish momentum for the CELO coin.
Conclusion
The bulls need to push the price of the CELO token above the nearest resistance area of $3.20. On the other hand, if the bulls fail to manage the price above the previous swing low of $2.77, the bulls may again look for selling opportunities.
Support level- $2.80 and $2.0
Resistance level- $3.20 and $4.4
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.
