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- 1 CELO crypto exhibits strong bullish momentum, trending above major moving averages.
- 2 Increased buyer activity and momentum confirm the optimistic outlook.
CELO crypto (USD:CELO) is showing strength and is heading towards the $0.7000000 level. This positive trend suggests that an upward move for CELO Crypto towards the expected target of $0.80000000 is possible. Therefore, buyers are likely to maintain long crypto positions. CELO crypto is trading above major moving averages, indicating a bullish mood.
Additionally, chart structures based on recent trading sessions show a bias in favor of buyers. The cryptocurrency has gained momentum and is poised for an uptrend that could go further. The increased activity and momentum also supports the optimistic outlook of market buyers.
At the time of publication, CELO Crypto was trading at $0.62199230 with an intraday gain of 0.77%, highlighting bullish sentiments and a positive outlook. Additionally, the intraday trading volume was 61.461 Million and the market capitalization was $324.407 Billion at the time of writing.
However, as buying volume increases, the price could mark new highs amid the bullish momentum. Therefore, CELO price is expected to move higher and remain strong on the daily chart.
Technical Analysis of CELO Crypto Price in 1-D Time Frame
Currently, CELO crypto (USD: CELO) is trading above its 50-day and 200-day simple moving averages (SMA). The current RSI value is 67.04 points. The 14 SMA is above the midline at 56.79 points, indicating a bullish trend for CELO crypto. The MACD line at 0.02117780 and the signal line at 0.01357885 are above the zero line.
There is a bullish crossover on the MACD indicator, which indicates strength in the price momentum of the CELO cryptocurrency. Stochastic RSI is consolidating near overbought levels. The %D and %K lines are crossing each other in a positive direction.
The current stochastic RSI value is 100.00 points.
CELO crypto’s weekly chart shows that the buyers are dominating. The cryptocurrency is in a uptrend as it rose above the main EMA.
Technical indicators also support the bullish sentiment as RSI is close to the overbought zone and the MACD has formed a bullish crossover with the green band. These signals indicate that the cryptocurrency could swing higher in the coming weeks.
Summary
CELO crypto bulls are firmly in control, driving the price towards the $0.7000 target and eyeing a further push to $0.8000. The cryptocurrency enjoys strong buying pressure, increasing trading volume, and solid technical indicators, suggesting continued upward movement in the coming sessions. Investors holding long positions in CELO can remain optimistic as the bullish trend is expected to persist.
Technical Levels
Support Levels: $0.6000 and $0.5000
Resistance Levels: $0.7000 and $0.8000
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.