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CELO coin price finds a sudden rise in the buying pressure leading to a bullish breakout of the falling channel with the next target of $5.
Celo is a blockchain platform focused on promoting cryptocurrency adoption by smartphone users.
Utilizing phone numbers as keys for public use, it hopes to introduce billions of mobile phone users, including those who do not have access to banking for cryptocurrency transactions.
Let us read ahead to know more about the CELO technical analysis.
Past Performance of CELO
CELO coin price kept falling in a descending parallel channel in the 4-hour chart after facing rejection near the $6 mark. However, the recent rise in the buying pressure results in the bullish breakout of the falling channel, moving the price upwards.
The bulls are gaining control, as evident from the multiple bullish candles in the CELO price chart. Moreover, the rising trading volume indicates growth in interest.
CELO/USD 4-hour Chart
CELO Technical Analysis
The CELO price action shows a breakout of the $4.35 mark, post-breakout of the falling channel. However, the prices struggle to sustain above the level. Therefore, traders need to show some patience and wait for clear confirmation.
If the prices sustain above the $4.35 level, the following bullish targets are at $5 and $6 marks as per the price action. However, if it fails to sustain, the following support levels are at $3.90 and $3.45 marks.
The RSI indicator at 53% creeps above the 50% line in the daily chart. Moreover, the slope gradually rises from the oversold zone boundary to enter the nearly overbought zone. Therefore, it is evident that the bulls are on the rise.
Furthermore, the MACD indicator signals the same bullish trend. After the recent crossover, the MACD line and the Signal line rose to reach above the zero mark. Moreover, the rising trend in the histogram forecasts a bull run in action.
Considering all the technical indicators and the price action, the CELO token is a BUY for the next few days. However, a better confirmation for buying will be generated once the price sustains above the $4.35 mark in the 4-hour chart.
Upcoming Trend
As per our previous CELO technical analysis, the forecast of the bullish breakout of the falling channel stands corrected. However, the CELO price must overcome selling pressure at $4.35 and $5 mark to reach the $6 mark. Therefore, traders need to be patient and watch the above-mentioned resistance levels.