- Celo price analysis shows bulls rejected further price decline.
- Support is present at $5.8.
- Strong resistance is present at $6.8.
The analysis of the Celo price reveals that there have been several attempts to prevent its descent. Following a two-day nosedive, the price split was up today. The bearish momentum devalued the coin’s value by nearly canceling all of last week’s gains, pushing the cost down to $5.73. At the time of publication, the CELO/USD pair is trading at $5.79.
The past week was kind to the CELO/USD pair, as the cryptocurrency gained a solid value throughout this period and an upward price function curve formed on the crypto chart, but bears slammed the price down by a huge amount during the last two days.
CELO/USD price movement in the last 24 hours: Bulls look exhausted
The 24 hour Celo price change demonstrates a bearish push from the bulls, which resulted in a minor price increase, and the price rose to $6.7 at one point today, although selling pressure is still strong, and the price has since reversed back to $6.
The volatility of the CELO/USD pair is somewhat higher than usual, with the top Bollinger band located at $7.3 and the lower band at $4, resulting in a mean average of $5.7 below the price level. The price levels closed outside the upper Bollinger band over the previous week, but they recently moved further down near the mean line.
The RSI is approaching the middle of the neutral zone and has flattened out straight at 56. With CELO/USD exhibiting a lot of uncertainty, the market appears to be in a state of selling pressure.
The MACD indicator became bullish, but the histogram is shifting to a lighter color, and the histogram’s decreasing size indicates market exhaustion for CELO/USD. In the coming hours, a bearish crossover of the indicator may occur.
Celo price analysis: Bears reinforce control
The Celo price four-hour chart shows that the price rose to $6.0 during the first four hours of today’s session, but sellers then proved difficult to overcome, with the price falling from the previous 10 hours as selling pressure built up.
CELO/USD 4-hours price chart. Source: TradingView
On the hourly charts, the volatility increases further, and the Bollinger bands show indications of breaking downwards, with the upper band at $7.6 and the lower band at $5.8. The mean average of the Bollinger band is moving above price on the hourly charts, suggesting a bearish trend. The RSI has fallen into the neutral zone at 45 index but shows neutral signs.
The moving average (MA), which has also dropped below price, is currently just above the price level at $6.3; if the MA continues to decrease, it will be another indication of strengthening bearish momentum, which appears to be on its way.
Celo price analysis: Conclusion
We can infer that the price may fall further today, and selling CELO assets appears to be a viable intraday trading technique for cutting losses from the above daily and hourly Celo pricing analysis and technical signals. While the long-term technical indicators favor the purchase, the price is expected to reach another all-time high in the next few days.
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