Celo price analysis: CELO to retest $4.92 resistance after an upturn

Celo price analysis CELO to retest resistance after an upturn

TL;DR Breakdown

  • The Celo price analysis is bullish today.
  • Resistance is present at $4.92.
  • Support for CELO is present at the $4.76 level.

The Celo price analysis reveals bulls are trying to take the price higher following a downtrend for the past three days. Celo is recovering from yesterday’s loss when the price went down from $4.92 to $4.65 as bulls have managed to bring the price function up to the $4.82 level. Currently, the coin is retracing again, but a further recovery is also expected later today when the price function will move up towards the $4.92 resistance.

CELO/USD 1-day price chart: bulls target the next resistance at $4.922

The 1-day Celo price analysis shows bulls have taken the lead once again and are trying to take the price higher. Overall, CELO/USD has gained a value of 4.58 percent over the last 24 hours, but the price of CELO/USD is still at a loss of 2.56 percent over the course of the last seven days. During the last week, the CELO/USD price movement was mostly bearish, as the price curve is downwards for the mentioned period of time.

Celo price analysis: CELO to retest $4.92 resistance after an upturn 1
CELO/USD 1-day price chart. Source: TradingView

The volatility is decreasing for the CELO/USD pair as the Bollinger bands continue to converge, the upper Bollinger band is at the level of $5.43 representing resistance, and the lower band is at $4.23, representing support. The average of Bollinger bands is forming at $4.83, just above the price level and the moving average (MA) is at the $4.98 mark.

The relative strength index (RSI) is in the upper half of the neutral zone and still moving up at a score of 51 after dipping slightly into the lower half. The indicator hints at the buying activity in the market.

Celo price analysis: Recent developments and further technical indications

The 4-hours Celo price analysis indicates difficult times for the bulls as they are taking the price higher, but selling pressure is forming for the Celo price function. Bears are hindering the bullish momentum, and the price has been seen declining during the last four hours, but the coin is still in the greens for today.

Celo price analysis: CELO to retest $4.92 resistance after an upturn 2
CELO/USD 4-hours price chart. Source: TradingView

The moving average has traveled to $4.67, below the price level, indicating a bullish crossover due to the bullish activity seen up till four hours ago. The volatility is quite high, which might provide a chance to bulls again in the coming hours.

The Bollinger bands are diverging, with the upper band present at the $5.69 mark and the lower band present at the $4.23 mark. The average of Bollinger bands is at the $4.96 mark above the price level, indicating bearish potential. The relative strength index (RSI) has taken a downturn again due to the recent selling pressure.

Celo price analysis conclusion

The 1-day and 4-hours Celo price analysis concludes that bulls are making efforts to take the price level above the resistance of $4.92, but overall, circumstances are not that favorable for them. Though there are difficulties, the one most important factor is the movement of the RSI indicator, which will describe the future along with the movement of the MA curve below the price level, which indicates chances for a bullish breakout are there.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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