The Celo Market (CELO/USD): Sustained Support at $0.40 Appears to Bolster the Momentum of the Recovery
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The Celo market has exhibited a bearish trend since reaching a high of $0.90 earlier this year. Subsequently, despite periodic attempts by bulls to rally at major demand levels, they have only managed to establish lower highs, causing the market to progressively distance itself from the year’s peak of $0.90.
However, following a decline to the $0.4 price level in June, bears have encountered resistance in pushing the market below this threshold. In July, bulls gained momentum and propelled the market to a notable high of $0.672 before the onset of a bearish phase. Once again, the bearish sentiment has been unable to breach the $0.4 price level.
Celo Market Data
- CELO/USD Price Now: $0.47
- CELO/USD Market Cap: $234,010,295
- CELO/USD Circulating Supply: 511,790,944 CELO
- CELO/USD Total Supply: 1,000,000,000 CELO
- CELO/USD CoinMarketCap Ranking: #111
Key Levels
- Resistance: $0.48, $0.50, and $0.55.
- Support: $0.40, $0.35, and $0.30.
Price Prediction for the Celo Market: The Indicators’ Point of View
In mid-August, following a loss of bullish momentum around the $0.53 price level, the bears gained significant traction, even testing the $0.36 mark, although this bearish price action was ultimately rejected. Subsequently, traders showed interest in capitalizing on the dip, leading to a Celo market rebound back to the critical support level at $0.4. Since then, this support level has held firm against the selling pressure, resulting in a period of consolidation.
By mid-September, there was an uptick in liquidity within the bullish market, causing the upper standard deviation of the Bollinger Bands to widen. This suggests that the bullish market may be breaking free from its previous consolidation. However, it’s important to note that the trading volume’s performance raises the possibility of a market reversal at a strong resistance level.
CELO/USD 4-Hour Chart Outlook
Upon reviewing the 4-hour chart, it is evident that the overall trading volume in the market remains relatively subdued. Nevertheless, sporadic volume spikes indicate a potential uptick in bullish activity. As per the indicators, the market is firmly situated in bullish territory. It is worth noting, however, that the Relative Strength Index (RSI) suggests a potential downturn, possibly attributed to encountering resistance at the $0.48 level. Despite this, with the market still within the buy zone, there remains an opportunity for the bulls.
