CELO Price Prediction: CELO crypto price roadmap to $1.00

• 1 CELO Price Prediction suggests a rally toward $1.00 is possible if certain conditions are met.
• 2 The CELO crypto price trading below both 50 and 200 day EMA.
• 3 CELO formed a double bottom pattern but failed to break the neckline hurdle.

CELO Price Prediction suggests significant rise is possible in coming months if buyers are able to defend the yearly low. 

Celo Price seems to be in a correction mode and continues to decline by forming lower lows swings. However, the price is near to the demand zone and buyers are trying their best to halt the correction. 

CELO crypto price performed well in the beginning of 2023 and attempts to break the neckline of double bottom pattern. Unfortunately, The prices faced a hurdle at $0.900 and breakout attempt failed. Later, prices declined with a strong momentum and dropped below the 50 day EMA which invites further fall. 

At the mid of May, CELO price took support at $0.500 and displayed a bullish hammer candle. Prices recovered 50% approx but were unable to test the previous high. After a few weeks of consolidation, Celo price took the down direction and lost all the previous gains. 

CELO price is trading at $0.419 with an intraday rise of 1.95%. The 24 hour volume to market cap ratio is 0.0317. The pair of CELO/BTC is trading at 0.00001618.

Will CELO Price take U-turn from the yearly lows?

CELO Price is in downtrend and 50 and 200 day EMA is continuously acting as an immediate hurdle for the bulls. Buyers tried multiple times to push the price above the 50 day EMA but got rejected showing sellers dominance. 

Presently, the CELO price is near to yearly low and if the sell off continues then it might raise concern for long term investors. However, if the Celo price is able to defend the $0.400 support then a short term pull back rally is possible. 

However, the probability of reaching $1.00 will increase when buyers are able to break the hurdle of $0.800. The technical analysis suggests, CELO price is in bear grip but till it holds $0.300 the possibility of bounce is high. 

The biggest one week fall in Celo crypto 

Celo crypto price fell 24% in the previous week which is the biggest one week fall in 2023. The investors are highly disappointed by the past performance and seem to be reluctant to build long positions. 

The MACD curve has intersected negatively and sloping downward denotes the bears are still active. Whereas, the RSI at 33 sloping down denotes weakness. However, the price is near to oversold territory and the relief rally may hit anytime which might take the price above $0.500.

Conclusion

CELO Price Prediction suggests significant rise is possible if buyers succeed to defend the yearly lows. However, till now no sign of reversal is visible. The technical analysis, say Celo crypto is in downtrend but the buyers are not willing to give up the $0.300 support. 

Technical levels

Resistance levels: $0.800 and $0.900

Support levels: $0.300 and $0.200

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.