Celo (CELOUSD) Bounces off the $0.5 Support Level
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Celo‘s 5-month high peaked above the $0.9 price level on February 20 and 21. After the market hit this target, liquidity in both the bull market and the bear market increased. However, the volatile market situation at that time went in favor of the bears. They were able to encroach further into aullish territory, and they established a strong resistance level around the $0.7 price level. This lower resistance level has given the sellers an upper hand and, as a result, forced the buyers to take refuge at $0.5.
CELO/USD Price Statistics
- CELO/USD Price Now: $0.56
- CELO/USD Market Cap: $281,059,648
- CELO/USD Circulating Supply: 498,369,748
- CELO/USD Total Supply: 1,000,000,000
- CELO/USD CoinMarketCap Ranking: #112
Key Levels
- Resistance: $0.6, $0.7, and $0.8
- Support: $0.50, $0.45, and $0.40
Price Prediction for Celo: The Indicators’ Point of View
The bear market was slow due to the presence of bulls. There was a bit of struggle around the $0.6 price level, but bulls could not pull up a recovery from that level. They were forced to find refuge at the next support level, which is the $0.5 price level. At this new demand level, we see the bull market building momentum and the bear market losing vigor. Finally, in today’s market, we have a bullish price breakout after a seven-day gridlock market situation. Even though today’s bull market is very significant, the Bollinger Bands indicator still portrays a downward-trending price channel. According to the Relative Strength Index (RSI), the market needs to cross above the 50-level mark to stop the down-trending price channel. Also, the market needs to deal with the bearish sentiment around the $0.6 price level.
CELO/USD 4-Hour Chart Outlook: The Bull Market Bounces Back to Action
On a 4-hour timeframe, the bullish trend builds momentum over the space of seven days. Gradually, the market crossed over the 20-day moving average, and it continued above it despite a fair amount of bearish sentiment slowing down the progress. So far, in today’s session, the bulls have dominated the market, but as the market approaches $0.58, the bull market loses traction. The buyers need a strong support level here to give them the basis for acquiring more price levels.
