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CELO Technical Analysis: Price Likely to Breakout of Resistance Level of $6.39

cryptoknowmics.com 18 May 2021 11:59, UTC
Reading time: ~2 m

Celo is a blockchain network that focuses mainly on building global payment infrastructure for smartphones. It is an open-source protocol that enables users to develop numerous decentralized and borderless apps. EVM compatibility and user-friendliness are other attributes of this network. CELO is the customized stable coin of this ecosystem and the technical analysis is as follows:

Past Performance

On May 11, 2021, CELO opened at $4.89. On May 17, 2021, CELO closed at $5.95. In the past week, the CELO price has surged by approximately 22%. In the last 24 hours, CELO has traded between $5.79-$6.20.


Day-Ahead and Tomorrow

Currently, CELO is trading at $6.09. It has increased from the day’s opening price of $5.98. Thus, the market seems to be bullish.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.

The A/D indicator had fallen but has started rising again. Hence, accumulation activity is mounting and may soon overtake distribution activity. In other words, like the MACD oscillator, the A/D indicator is also giving positive signals. 

Currently, the RSI indicator is at 59%. It faced rejection at 52% and rallied to the current level. Thus, buying pressures are high. So, if we look at the RSI indicator in conjunction with the other two oscillators, we can say that all of them are pointing towards a further price rise.

CELO Technical Analysis

Currently, the price is above the Fibonacci pivot point of $5.98. By the day end, the price is likely to break out of the first, second, and third resistance levels of $6.14, $6.23, and $6.39, respectively. 

Presently, the price has tested and broken out of the 50% FIB retracement level of $5.99. It may also test and break out of the 38.2% and 23.6% FIB retracement levels of $6.04 and $6.10 respectively, in some time. Thus, as of now, the bullish forces are strong, and the price upswing is expected to continue today as well as tomorrow.

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