- CELO coin price has been on a downfall after it breakdown the important demand zone.
- CELO coin price is trading in a small narrow range forming a double bottom pattern on a daily time frame.
- The pair of CELO/BTC is trading at the price level of 0.000439 with an increase of 2.18% in the past trading hours.
Source: CELO/USDT by tradingview
The CELO coin price, as per the price action, is stuck in a small range on a daily time frame. At present, the CELO coin price is seen hovering around the supply zone of $1.0 as the price bounced off the long-term term demand zone. The coin price broke down the long-term demand zone way back and as a result, the breakdown zone is now acting as a strong supply zone. The CELO coin price is currently trading in the middle of the Bollinger band indicator as the coin price consolidates. The coin price tried to give a breakout of the supply zone but failed as it formed a strong bearish candlestick pattern at the top. To deny the fall in the CELO coin price off the supply zone bulls need to take the charge and push the price higher. Currently, the CELO coin price is trading below all the important Moving Averages. The CELO coin price tried to break out of 50 MA but failed to do so. Although the coin price has given a breakout of 20 EMA, it needs to break out of the range for a further bullish rally. Volumes have been normal despite the rallies and rejections. Investors should wait for the breakout of the small narrow range and then act accordingly.
CELO coin price has given a breakdown of head and shoulder pattern on the weekly time frame
CELO coin price, as per the Price action is In a strong bearish trajectory as it gave a breakdown of an important support zone.
Average Directional Movement Index: ADX has been continuously dipping as the coin price broke an important supply zone of $2.3. As of now, the coun price is trading below this important demand zone. The breakdown zone is now acting as a strong supply zone. At present, the coin price is trading at $1.005. ADX curve has slipped below the 25 mark.
Relative Strength Index: RSI is trading at the level of 35 as the token broke the demand zone. Despite the recent bullishness in the overall cryptocurrency market, the CELO coin price is in a strong bearish trend. For the CELO coin price to move higher, it needs to bounce off the current price.
MACD and Supertrend are bullish for CELO coin price on an hourly time frame
CELO coin price, as the technical parameter suggests, is in a bullish trend in an hourly time frame. It remains to see if the coin is in the bullish zone or if it is just a pullback.
Supertrend: CELO coin price is bullish as it broke the super trend sell line on an hourly time frame. Until now the super trend sell line was acting as a strong supply zone for the CELO coin price. As of now, the CELO coin price broke the super trend sell line with a strong bullish candlestick pattern. Moving forward the super trend buy line will act as a strong demand zone for the CELO coin price.
Moving Average Convergence Divergence: MACD is showing a bullish trend as it gave a positive crossover way back. The blue line crossed the orange on the upside as soon as the coin bounced off the small term demand zone. As of now, the MACD lines are rising parallel to each other. As soon as the coin breaks the supply zone of $1.015 the gap between the lines can be seen widening supporting the trend.
SUPPORT: $0.90 and $0.95
RESISTANCE: $1.015 and $1.2