- The CELO price is confined to a horizontal range over the daily price chart, but an accumulation of bulls can be observed over the hourly graph.
- The crypto asset is moving below the 20, 50, 100 and 200 days daily moving average.
- The CELO/BTC pair is at 0.0000434 BTC which is at a mere gain of 0.40%.
Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. By using phone numbers as public keys, Celo hopes to introduce the world’s billions of smartphone owners, including those without banking access, to transacting in cryptocurrency.
The CELO price after a breakdown from the sideways trend is now again confined to a consolidating phase over the daily price chart. This indicates the battle between the bulls and bears, but this time altogether the bears are dominating and pushing the price to the lower level of the horizontal range. A major reason for this can be the domination by the traditional cryptocurrency BTC as it slumped below the 20k mark. The price is moving below the 5 days simple moving average along with volume which is at a loss of 5%. The coin needs to attract buyers to rescue the coin from a breakdown.
The current price for one CELO coin is moving at $0.85 which is at a gain of 1.29% in its market capitalization in the last 24 hrs. The coin has a volume of 22 million which slumped 5.28% in the 24 hrs trading session and a market cap of 383 million. The volume market cap ratio for CELO is 0.05873.
Short-term Analysis for CELO
We can observe a strong downtrend movement moving under the horizontal range along with the bulls’ efforts to oppose over the short-term (4 hrs) graph. This movement shows the level of bearish dominance and the bulls need to gather support to oppose the trend.
The MACD indicator just made a positive cross along with nullifying the red histograms supporting the bulls. The relative strength index also started moving towards the upper region indicating an increase in buying. The bulls need to be consistent to make a breakout, the RSI value is above 40.
Conclusion
The CELO price after a breakdown from the sideways trend is now again confined to a consolidating phase over the daily price chart. A major reason for this can be the domination by the traditional cryptocurrency BTC as it slumped below the 20k mark. The coin needs to attract buyers to rescue the coin from a breakdown. We can observe an accumulation of bulls over the hourly graph and the technical indicators are also indicating a bullish rally ahead. The bulls need to be consistent to make a successful breakout.
Technical levels
Resistance levels: $0.89 and $0.92
Support levels: $0.81 and $0.79
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.
