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Celo price analysis: Bearish momentum to break CELO below $7 psychological mark

Celo price analysis Bullish momentum to launch price above stand

TL;DR Breakdown

  • The Celo price analysis shows bearish trend.
  • CELO/USD price is standing at the $7.2 level.
  • Strong support is available at $5.89 position.

The Celo price analysis is indicating a drop in price overall but the bulls are trying to make recovery, however, bears are inserting great pressure. The price has gone up to the $7.166 level during the last four hours which is an encouraging signal for the bulls.

The short-term trending line is also moving upwards which is further confirming that the bulls have been at the upper position for the most part. Further improvement in coin value can be only be expected in the upcoming time period if buyers get a broader base which seems difficult in increased volatility, present at the time.

CELO/USD 1-day price chart: Bears restrict price from a new high above $7.398

The one-day Celo price analysis is going in the bearish direction for the day as the price has decreased slightly because of the bearish push. The past week has been highly supportive for the bulls, yet today the price has downgraded to the $7.14 value.

The trending line is still following the upward direction and a rise in price can be expected. The moving average (MA) value is $6.32 which is at a lower level as compared to the current price.

Celo price analysis: Bearish momentum to break CELO below $7 psychological mark 1
CELO/USD 1-day price chart. Source: TradingView

The volatility has increased during the day which should be taken as a negative hint. The Bollinger band values have changed as well as now the upper value is at the $7.39 position whereas the lower value is at 43.73 position. The Relative Strength Index (RSI) score is still quite high and is 67.21 in the 1-day price chart.

Celo price analysis: Bulls find recovery above $7.166 as bears fail to maintain the lead

The 4-hours Celo price analysis is indicating a bullish trend as the price has increased up to $7.2. The past few days have been promising for the bulls with a few bearish retraces as well. Further rise in the price level can be expected in the coming hours as more buyers are joining the market. The moving average is still higher than the current price as it is present at the $7.19 mark.

Celo price analysis: Bearish momentum to break CELO below $7 psychological mark 2
CELO/USD 4-hours price chart. Source: TradingView

As the bullish momentum has increased during the past 4-hours, the SMA 20 curve is going high as well. Moreover, the upper Bollinger band has reached the $7.86 value whereas the lower Bollinger band has reached $5.89 value as well. The RSI score has improved as well as it is now at 55.13 at the time of writing.

Celo price analysis: Bearish momentum to break CELO below $7 psychological mark 3
CELO/USD technical indicators chart. Source: TradingView

The overall trend as observed during the past days has been bullish as the above technical indicators chart is confirming as well, as still there are more indications present for the buying of assets. There are 14 indicators present on the buying position, with eight indicators on the neutral and four on the selling positions.

The moving averages indicator is giving out a strong bullish signal as well as the past week has been highly profitable for the cryptocurrency. There are 13 indicators following the buying position, whilst one indicator each is on the selling and neutral points. The oscillators are giving a bearish signal and there are three oscillators on the selling point, seven on the neutral point, and only one left on the buying point.

Celo price analysis conclusion

From the above 1-day and 4-hours Celo price analysis, it can be confirmed that the circumstances are proving favorable for the bulls again at the time of writing, despite the overall drop in price today.

The bulls have been in lead during the last 4-hours as well as the price has moved up to $7.166. The past week has observed a continuous bullish streak, as well as the price, got quite close towards the resistance level. Overall, the trend has been bullish for the past week, as the technical indicators chart is confirming as well. But can bulls overcome today’s price drop?

It’s a tricky question because it seems like it is time for traders to book profits and there are ample chances of correction at this point. If correction continues, the price will break below $7.

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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