CELO Price Analysis: Will the New Transition Pump the Price Up

• Celo is considered a changeover to Ethereum layer-2 with the Polygon network.
• It is currently trading at $0.468 with a decline in the price by 2.22% in the last 24 hours.
• The token is down by 95.56% from its all-time high.

The CELO coin is currently trading with a drop in the trading volume by 33% in the last 24 hours.

The token recorded its all-time high on 30th Aug 2021 when a single CELO token was 

Priced at $10.66. The current circulating supply of the token is 511.79M CELO which is 51.18% of its total supply. It has a market capitalization of $239.50M. The 24-hour volume of the token is $26.47M.

Sentiment Analysis

The price of the token has increased by 3.713% in a week and the total market volume has pumped by 94.9%. It shows almost 2x inflow in trading volume in the last 1 week.

The total bullish sentiments decreased by 32.08% and the total social engagements also declined by 24.28%. That demonstrates the community is a bit inactive and the people are not so bullish about the price. Still, The price is rising as the trading volume is increasing significantly. If the volume remains surging, we can see further rise in the price of the token in the weekly time frame.

CELO Coin Technical Analysis 

The CELO token marked this year’s high of $0.92 on 20th Feb 2023. After that, the price started a downward movement and came down to the level of $0.40 support. CELO token’s price took the support from there and almost gave a 70% upward move and reached $0.68. 

Currently, the price then came down and took support from the $0.40. It is presently trading at $0.46 getting rejected from the $0.47. It is likely to fall as the volume is getting decreased.

The price range of $0.4 is considered to be an accumulation zone, which is also a support level for the price. The token can be accumulated at this level.

CELO’s price is above the 20-day EMA and the 50-day EMA. It also tried to move above the 100-day EMA but got rejected from there. The price can now fall below both the 20-day and 50-day EMA as the price is getting a rejection and the price can fall down again to the support level of $0.40.

Relative Strength Index (RSI)

The RSI line is currently moving at 57.57 points and the SMA 14 line is moving at 52.63 points. The RSI is presently moving above the neutral level of 50, which shows that there was a buying activity happening in the token. However, soon after getting a rejection, the selling activity started and so the RSI is likely to come down. 

Moving Average Convergence/Divergence (MACD)

In MACD, The fast blue line moving average is moving above the red slow line moving average. The volume in the histogram is also showing some increase which will now fall as the volume has started to decrease after the rejection from the resistance. If the volume in the histogram increases then the price may start rising.

CELO LIVE CHART : 

CONCLUSION : 

After performing the analysis, the price is currently getting a rejection from $0.47. The selling activity has started, which shows that the price will initially come down to the level of $0.40.

If the price has to move upwards the volume has to pump and the bulls have to be dominant on bearish investors. Thus, we can break the resistance of $0.47. Once we get above the 100-day EMA, we can easily target the $0.54 zone.

Technical Levels: 

Support: $0.40

Resistance: $4.7, $0.54 AND $0.62

Disclaimer

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