CELO Price Analysis: Bears are Struggling for a Breakout

  • The CELO price entered a consolidating period on the daily price chart after posting a breakdown.
  • This time the CELO bulls made it difficult for bears to take over.
  • The CELO/BTC pair is at 0.00004415 BTC which is at a loss of 3.92%.

A blockchain ecosystem called Celo is dedicated to boosting smartphone users’ acceptance of cryptocurrencies. Celo wants to make bitcoin transactions accessible to billions of smartphone users worldwide, even those without access to banks, by using phone numbers as public keys.

After registering a breakdown the CELO price entered in a consolidating phase over the daily price chart. It looks like the bulls are making some serious efforts to make a breakout, to accelerate the process the coin needs to attract some more buyers. The ones who wish to enter the market need to wait as the price has already surged much which is mostly followed by selling pressure. The CELO bulls must tackle the declining trading volume as it is a major factor that supports the price.

The current price for one CELO token is trading at $1.05 which is a gain of 5.38% in its market capitalization in the last 24 hrs. The coin has a trading volume of 33 million with a loss of 12.53% over the intraday trading session which appears to be sinking and has a market cap of 473 million. The volume market cap ratio is 0.07197.

Will Bears Takeover?

A good uptrend movement can be observed over the daily and hourly time frame so this time it looks difficult for the bears to take over.

The MACD indicator also supports the statement as the MACD line is moving above the MACD signal line, along with rising green histograms and the gap between them is increasing. The relative strength index is growing positively over the daily price chart supported by the buyers. The RSI value for CELO is nearly equal to 60. So overall the bulls’ efforts won’t let the bears take over for now.


Conclusion

After registering a breakdown the CELO coin is in a consolidating phase over the daily price chart. The bulls are making some serious efforts to make a breakout. It looks like the bulls must tackle the declining trading volume which supports the price. This time it looks difficult for the bears to take over as the uptrend movement is making it difficult for the bears to take over, which is supported by the technical indicators across all time horizons.

Technical levels

Resistance levels: $1.37 and $1.52

Support levels: $0.73 and $0.60

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.