Celo price analysis: Cryptocurrency faces rejection at $6.74 after a bearish strike

Celo price analysis Cryptocurrency faces rejection at after bearish strike

TL;DR Breakdown

  • The price has moved down to $6.73.
  • Celo price analysis supports the bears.
  • Support level is still at $5.302 point.

The Celo price analysis reveals that the bears have returned to the price chart after finding their way to gain control over the price function. Although the price had been traveling high for the past few days, today’s trend has not been very supportive. The bulls were unable to take the price across the $6.752 hurdle because of the abrupt fall in price. The cryptocurrency is going through a loss now as the CELO/USD price has been devalued to the $6.728 level today.

CELO/USD 1-day price chart: CELO price depreciates to $6.728 after downturn

The one-day Celo price analysis shows that the price is headed down once again after encountering defeat. Although an uptrend was at its peak in the previous week, the most recent price movement has been in the bearish direction. The price has receded to the $6.72 level as the bears were able to secure their position on the candlestick chart once more. The price is still above the moving average (MA) value which is at $6.26.

Celo price analysis: Cryptocurrency faces rejection at $6.74 after a bearish strike 1
CELO/USD 1-day price chart. Source: TradingView

A crossover between SMA 20 and SMA 50 curve occurred in the past week, but now the bears have interrupted the uptrend. The increasing volatility has taken the upper Bollinger band to the $6.752 position and the lower Bollinger band to the $5.302 position. The Relative Strength Index (RSI) score has moved down to 62.63 because of the bearish momentum.

Celo price analysis: Price experiences sudden fall below $6.72 after bearish repulsion

The four hours Celo price analysis is indicating a bearish trend as the price has dropped down at a significant level. The short-term trending line is now descending because of the downward price movement. Although the bulls were maintaining their lead quite efficiently, the last four hours proved unsupportive for the buyers. The price has been lowered to $6.73, just above the moving average value i.e. $6.706.

Celo price analysis: Cryptocurrency faces rejection at $6.74 after a bearish strike 2
CELO/USD 4-hours price chart. Source: TradingView

The volatility has increased in the last few hours, which is not a positive indication for the future. Moving on, the Bollinger bands indicator is showing the following values; the upper band is at $7.024 position whereas the lower band is at $5.84 position. The RSI score is now at 62.64, below the overbought range.

Celo price analysis: Cryptocurrency faces rejection at $6.74 after a bearish strike 3
CELO/USD technical indicators chart. Source: TradingView

The overview of the cryptocurrency progress proves that the bulls have been in the winning position for the greater part. This is why the technical indicators chart for CELO/USD is giving support to the buyers. There are 14 indicators on the buying position, nine indicators on the neutral position, and only three indicators on the selling position.

The Oscillators are going neutral for the day as there are eight oscillators standing on the neutral mark, two oscillators are on the selling mark while only one oscillator is on the buying mark. The moving averages indicator is also confirming a bullish trend by a strong buying signal. We can see 13 indicators on the buying side, while one indicator each is present on the selling and neutral sides.

Celo price analysis: conclusion

The one-day and four hours Celo price analysis is confirming that the price underwent a reduction during the last 24 hours. That is because the bears have been able to make a successful comeback despite the ongoing uptrend. Their aim was fulfilled as the price dropped down to its former low i.e. $6.73. Further decline in CELO/USD price can be expected as the hourly prediction is dictating a downtrend as well.

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.

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