Celo price analysis: CELO struggles at $5.9 as trading volume drops

Celo price analysis CELO struggles at as trading volume goes down by percent

TL;DR Breakdown

  • Celo price analysis shows bulls rejected further price decline.
  • Support is present at $5.8.
  • Strong resistance is present at $6.8.

The Celo price analysis reveals bullish efforts to stop the further decline in price. The price breakup was upwards today after a bearish slide of two days. The bearish momentum devalued the coin price significantly by almost nullifying the gains of the entire past week and brought the price down to $5.73. The CELO/USD pair is trading at $5.79 at the time of writing.

The last week proved lucky for CELO/USD pair as the cryptocurrency gained a good value during this time, and an upwards price function curve appeared on the crypto chart, but during the last two days, bears plunged the price down by a huge margin.

Overall CELO/USD pair gained just one percent value from the bullish efforts over the last 24 hours but has observed gains of around 16 percent over the past seven days, despite the bearish obstruction of the previous two days.

CELO/USD 1-day price chart: Bulls look exhausted

The 24 hour Celo price analysis shows efforts from the bullish side, which made a marginal improvement in price, and the price went up to $6.7 at one point of time today, but selling pressure is still high at this point, and the price reversed back to $6.

Celo price analysis: CELO struggles at $5.9 as trading volume drops 1
CELO/USD 1-day price chart. Source: TradingView

The volatility is comparatively high for CELO/USD pair, and the upper Bollinger band is at the $7.3 mark, and the lower band is at the $4 mark, making a mean average at the $5.7 mark below the price level. The price levels during the last week closed outside the upper Bollinger band but have traveled down near the mean line during the last two days.

The relative strength index (RSI) has also traveled towards the middle of the neutral zone and has flattened out straight at the 56 index. The RSI is showing the selling pressure at the price level, as the market shows mixed sentiment for CELO/USD.

The MACD oscillator indicator turned bullish on 20th September, but the histogram is turning to a lighter shade, and the decreasing size of the histogram suggests exhaustion of buyers in the market for CELO/USD. A bearish crossover of the indicator is also possible in the coming hours.

Celo price analysis: Bears reinforce control

The 4-hour chart for Celo price analysis shows the price surged to the level of $6.0 during the starting four hours of today’s session, but since then, bears provided considerable resistance as selling pressure kicked in price is on a downfall from the last 10 hours.

Celo price analysis: CELO struggles at $5.9 as trading volume drops 2
CELO/USD 4-hours price chart. Source: TradingView

The volatility is seen further increasing on the 4-hour chart, and the Bollinger bands are showing signs of breaking downwards, with the upper band at $7.6 and the lower band at the $5.8 mark. The mean average of the Bollinger band is settling above the price level on the hourly charts indicating bearish progression. The RSI has also traveled into the lower half of the neutral zone at 45 index, though it still shows neutral signs.

The moving average (MA) has also traveled down towards price and is found just above the price level at the $6.3 mark; if MA continues to travel down the price level, it will be another indication of intensifying bearish momentum, which seems imminent.

Celo price analysis: Conclusion

From the above daily and hourly Celo price analysis and technical indications, we can assume the price can go further down today, and selling CELO assets seems a good option for intraday traders to cut on losses. While the midterm technical indications support the buying option and price can touch another record high in the coming days.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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