- The CELO coin is performing poorly below a downward trend line on the 4-hours price chart.
- Thus, the 20-day exponential moving average acted as a short-term resistance area.
- The CELO coin belonging to the bitcoin pair is trading at 0.000004517 Satoshis, up 5%.
At the time of writing, the CELO token is trading at the $1.3 mark. The bulls saw a favorable rally in March, where they noted a 90-day high at the $5.2 mark, as the altcoin there has been performing poorly with lower-lows and lower-highs forming.
CELO on 4-hours price chart
In terms of the 4-hours price chart, the CELO coin is looking bearish below a downward trend line (White) as well as above an important support level of the $1.2 mark. If the price falls below this level in any case, the conceptual round level of $1.0 could act as a hedge for the bulls.
The market cap is $600 million with an increase of 8% over the last 25 hours according to CMC. During the upward move, the $2.0 mark could act as a bullish barrier. Furthermore, the CELO coin belonging to the bitcoin pair is trading up 5% at 0.000004517 Satoshis.
On the 4-hours chart, the 20-day exponential moving average is acting as a short-term resistance area. However, the trading volume of CELO coin saw a drop of 27% during the last night.
CELO on daily price Scale
Similar to the 4-hours, the altcoin is below key EMAs including 20,50,100 and 200 in terms of the daily price chart.
The daily RSI is attempting a recovery after dipping into the oversold zone. However, the RSI peak is showing a sideways move as per the current situation.
Despite the sideways momentum, the ADX indicator shows a strong bearish move for the CELO coin.
Conclusion
CELO investors should wait for a bullish breakout on the higher side. If the price turns lower again, the price may consolidate below the trendline
Technical Level
Support level- $1.2 and $1.0
Resistance level- $1.5 and $2.0
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.
