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- CELO crypto price recovered 43% from the recent lows at $0.451 and formed a double bottom bullish pattern.
- CELO coin price breakout previous week high and formed a giant bullish reversal candle.
- The CELO crypto bulls hold the prices above 50 day EMA and races towards $0.700 supply zone
CELO coin price is trading with mild bullish cues and bulls are attempting to break out of the neckline resistance of the double bottom pattern but confirmation is still awaited.
Currently, The pair of CELO/USDT is trading at $0.632 with the intraday gains of 0.16% and 24 hour volume to market cap ratio stood at 0.0787
Will CELO breakout the neck of double bottom pattern ?
On a daily time frame, CELO crypto price is showing initial signs of short term trend reversal and bulls are trying to hold the prices above the 50 day EMA which gives a hope to the bullish investors. In the mid of November CELO price took support at $0.400 and reversed upwards with a positive momentum but unfortunately prices faced resistance at $0.700 and bears took over the control and prices lost all its previous gains.
Recently, from the past couple of days CELO prices are gaining momentum and rising upwards while forming higher high candle formation indicates some gunniue investors might have turned bullish and expecting outperformance in the coming weeks. The CELO bulls have succeeded to reclaim 50 day EMA (yellow) at $0.552 which will now act as an important support line for the buyers but the confirmation of short term trend reversal will come when CELO price will be able to break out of a $0.700 and $0.800 hurdle levels.
CELO price is forming a double bottom bullish reversal pattern and bulls are attempting to break the neckline of the pattern but if minor selloff triggers from the higher levels, $0.500 and $0.400 will act as important support levels for bulls. The MACD had generated positive crossover indicating the bullishness may continue in coming days whereas the RSI above 70 denotes overbought zones.
Summary
CELO crypto price is reversing upwards and forming a double bottom formation but the confirmation of bullish trend reversal will come when prices will break out of $0.700 and $0.800 hurdle level. The Technical analysis suggests prices are in the initial phase of reversal and upwards momentum may continue for bulls till the prices are above the 50 day EMA. Therefore, aggressive traders may look for buying opportunities for the target of $1.00 and above by keeping 0.400 as SL but investors should deploy buy positions only after the confirmation of trend reversal. However, if prices dropped below $0.400 the short term trend reversal will become doubtful.
Technical levels
Resistance levels : $0.700 and $0.800
Support levels : $0.400 and $0.500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.