logo

Celo price analysis: CELO steps down to meet $6.05 as declining trend grows

Celo price analysis CELO gives up percent value as bears show resistance

TL;DR Breakdown

  • The price has been devalued to $6.054.
  • Celo price analysis confirms bearish comeback.
  • Support is still quite strong at $5.46 level.

The CELO/USD price is going down once again as the bears have returned to the price charts. Red candlestick is marking the loss in price, as it has moved down to the $6.054 level in the last 24-hours. The ongoing uptrend in price has been interrupted in this way as a downward price movement has been recorded. The reversal in trends proved to be quite discouraging for the buyers as an upturn in price was expected initially.

CELO/USD 1-day price chart: Bulls lose ground as bears succeed in bringing downfall

The price is experiencing a fall once again as the one-day Celo price analysis is indicating a bearish trend for the day. The price has decreased up to $6.05 in the last 24-hours, which is not so promising for the buyers. The price had been traveling quite steadily during the past few days but today, the trends have been shifted as now the bears are at lead. The moving average (MA) value is still at a lower level as compared to the price i.e. $5.817.

Celo price analysis: CELO steps down to meet $6.05 as declining trend grows 1
CELO/USD 1-day price chart. Source: TradingView

The volatility has slightly increased which means that a further drop in price is to be expected. The upper Bollinger band is currently touching the $6.33 value whereas the lower Bollinger band is at the $5.46 value. The Relative Strength Index (RSI) score has declined to 54.62, because of the depreciation in price.

Celo price analysis: CELO finds recovery above $6.03 after persistent damage

The four hours Celo price analysis is showing signs of bullish activity as a rise in price has been detected in the last four hours. A downtrend had been following earlier which proved quite detrimental for the overall CELO market value. But now the bullish momentum has regained stability as the price has improved up to the $6.035 level today. The moving average value in the four hours price chart is standing at the $6.145 level.

Celo price analysis: CELO steps down to meet $6.05 as declining trend grows 2
CELO/USD 4-hours price chart. Source: TradingView

The short-term trending line is still descending as the bears had been in command previously. The upper value of the Bollinger bands Indicator is at the $6.35 position whereas its lower value is settled at the $5.65 position. The RSI curve is going upwards once again as the score has heightened up to 52.17 during the last four hours.

Celo price analysis: CELO steps down to meet $6.05 as declining trend grows 3
CELO/USD technical indicators chart. Source: TradingView

The overview of the trends shows that the price has improved considerably in the past few months. This month, a rise in price has been observed as well as the technical indicators chart is further confirming. There are 13 indicators on the buying position, nine indicators on the neutral position, and four indicators on the selling position.

The Oscillators are going neutral as there are eight oscillators at the neutral level, two oscillators at the selling level, and only one oscillator at the buying level. The moving averages indicator is giving out a strong bullish signal, thus providing support for the buyers. There are 12 indicators on the buying position, while only two indicators are there on the selling and one indicator on the neutral positions.

Celo price analysis conclusion

The bears are trying to make way for dominance once again and have so far succeeded in their mission as a downturn has been recorded. The price has receded down to the $6.054 level today, as the bears have been able to secure their momentum. The price might undergo improvement in the coming hours as the four hours price chart is displaying hopeful results.

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.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

Related News

Hot Stories

Solana Price Prediction 2023-2031: Is SOL a Good Investment?
ECB considers Bitcoin ban to curb environmental damage
Flow Coin Price Prediction 2023-2031: Is FLOW a Good Investment?
Bitcoin Price Prediction 2023-2031: Will Bitcoin Bulls Rally?
Hong Kong classes exchanges under a new framework

Follow Us

Industry News

Hong Kong classes exchanges under a new framework
Best crypto memes of the day - December 8th
Best Twitter threads of the day - December 8th
Celsius ordered to return $50M to crypto investors
Luxembourg expands PayPal operations to cryptocurrencies

Add Your Heading Text Here