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CELO Technical Analysis: Spectacular Bullish Comeback Aims at $6 Mark with Channel Breakout

Analytics

cryptoknowmics.com 17 December 2021 09:43, UTC
  
Reading time: ~2 m

Bulls regain the CELO trend control with the sudden increase in buying pressure. The rising uptrend aims at the $6 mark with the falling channel breakout.

CELO is a proof-of-stake (PoS) cryptocurrency that is used for payments, governance, participation, and other related tasks. In the future, the platform will host a variety of stablecoins. One of them is the Celo Dollar (CUSD), being the most popular and currently in use.

Read more to know more about the technical analysis of the Celo token.

Past Performance of CELO

The CELO coin price shows a rise from the $3.25 support level to the $3.90 mark near the resistance trend line in the 4-hour chart. The sudden price jump aims to give a bullish breakout of the falling channel and reach the $5 mark before the year ends. 

CELO/USD 4-hour Chart

CELO Technical Analysis

Taking a step back to look into the CELO daily chart shows the price makes a modified morning star pattern resulting in an intraday growth of 10.91% yesterday. 

Therefore, the overall rise in bullishness in multiple timeframes forecasts a bullish breakout of the falling channel. Therefore, traders must be ready and patient for the price to sustain above the $4 mark to enter a bullish trade.

The crucial EMAs - 50, 100, and 200 in the daily chart maintain a bearish alignment. Meanwhile, the 50 days EMA falls after the recent bearish crossover with the 100 days EMA. Therefore, a possible death cross can be seen in the daily chart if the price does not reverse soon.

The RSI indicator at 41.82% shows the slope rising higher from the depths of the oversold zone in the daily chart. Furthermore, the MACD indicator in the daily chart shows the buyers line crossing above the seller's line deep in the negative segment. Thus, giving a bullish crossover.

Upcoming Trend

Currently, the CELO coin price sustains above the $3.5 mark, with further support at the $3.25 mark. Moreover, the rising bullish candles increase the chances of a bull run to the $6.5 mark.

The notable resistance levels are at $4.75 and $5.80 with crucial support levels at $3.5 and $3 marks.


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