- The Celo coin (CELO) has given a return of nearly 39% in the previous year.
- This token’s technical indicator summary recommends a sell signal.
- The MACD signal for the CELO coin is forming a red histogram.
Celo is an environmentally friendly blockchain that operates without the need for permission. It boasts a thriving network of international collaborators working on cutting-edge Web3 decentralized applications to promote a more inclusive financial system. It is designed to be accessible to anyone with a mobile phone. The Celo ecosystem is founded on a decentralized, proof-of-stake blockchain technology stack.
Financial Data of Celo (CELO)
The CELO token is presently trading at $0.4, and there’s been a noticeable decrease in its average trading volume, as seen through the formation of smaller candles in the charts.
Over the past year, the Celo coin has experienced a decline of nearly -39%, reflecting a subpar performance that might deter potential investors.
In August 2021, the coin price reached a peak value of $10.66, but it then faced a substantial decline, plummeting by around 96%. Nevertheless, the coin managed to find support at the $0.3 level, hinting at a possible turnaround. However, this recovery was relatively short-lived.
At the moment, CELO’s price exhibits a negative momentum, notably moving within a descending triangle pattern, which is often considered a weak pattern. The overall structure of the coin appears pessimistic on the weekly timeframe, particularly with the declining trading volume accompanying the price reversal. This combination raises the likelihood of a forthcoming price decline.
Despite this, the technical indicators present a somewhat bullish outlook for CELO. In the weekly timeframe, among the 26 indicators, 14 suggest a “sell” signal, whereas only 3 indicate a “buy” signal.
Celo (CELO) Technical Analysis
CELO by writer50_tcr on TradingView.com
In the case of CELO, the MACD line remains positioned below the signal line, and a red histogram formation is evident. These elements combine to suggest a bearish perspective for CELO, implying the potential for a price decline in the days to come.
Moreover, both the RSI line and the SMA line for the CELO coin are found near the 40 level, which is typically associated with an adverse zone. This points to the current unfavorable trading region for the coin’s price, increasing the likelihood of a future price decrease.
Conclusion
As per analysis, it becomes evident that the Celo token (CELO) is displaying indications of a shift in its trend. The price initiated a reversal following contact with a resistance level. In addition, the coin’s indicators are conveying a bearish signal. The recent months have witnessed negative returns in its price performance. Consequently, there is an increased probability of a price decline in the near future.
Technical Levels
- Support Level: $0.82
- Resistance Level: $0.97
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.