<em><strong>The CELO price action shows a range breakout rally attempting to break the resistance trendline and reach the $1.23 mark.</strong></em>
<h3>Key Technical Points:</h3>
<ul>
 	<li>The CELO prices jumped by 40% last night, resulting in a vast bullish candle in the daily candle.</li>
 	<li>The bull run exceeds the 100-day SMA and challenges the $2.67 mark.</li>
 	<li>With a market cap of $482 million, the intraday trading volume of CELO has increased by 3% to reach $20 million.</li>
</ul>
<h3>Past Performance  of CELO</h3>
The CELO price action shows a bullish trend in the daily chart, which is evident by the ascending resistance trendline. The recent bullish trend starting from the $0.80 mark breaks the resistance of the consolidation range at the $1 mark. After that, however, the breakout rally takes a turnaround from the resistance trendline to retest the $1 breakout.

<img src="https://s3.tradingview.com/snapshots/h/hLUW6uLd.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/hLUW6uLd/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>CELO Technical Analysis</h2>
The CELO price action shows a successful post-retest reversal from the $1 mark with a morning star pattern. However, the bullish reversal fails to see any significant spike in <a href="https://www.cryptoknowmics.com/news/ripple-xrp-sees-massive-surge-in-trading-volume-amid-ongoing-lawsuit/" target="_blank" rel="noopener">trading volume</a>, projecting a less likelihood of the trendline breakout.

The RSI slope shows a bullish reversal from the 14-day average line to sustain in the nearly overbought zone. Hence, the technical indicator reflects a solid underlying bullishness projecting the likelihood of an uptrend continuation above the psychological mark of $1.

The MACD indicator shows a decline in bullish spread between the fast and slow lines as the MACD histograms crash to the Zero line. Hence, the increasing likelihood of a bearish crossover in the MACD indicator warns of a bullish failure.

Therefore, the technical indicators have an opposite viewpoint, suggesting the traders should wait for price action confirmation.

In a nutshell, the CELO technical analysis showcases an increasing pressure above $1, which the buyers need to undermine to reach $1.23.
<h2>Upcoming Trend</h2>
If the CELO price breaks above the resistance trendline, an uptrend continuation might exceed the $1.23 mark. In such a case, traders can expect the uptrend to hit the $1.50 mark.

However, if the buyers fail to keep the market value floating above the $1 mark, a breakdown rally will hit the $0.80 mark.

Resistance Levels: $1.23 and $1.5

Support Levels: $1 and $0.80

CELO Technical Analysis: Can Buyers Support The $1 Threshold?

The CELO technical analysis shows a range breakout rally attempting to break the resistance trendline and reach the $1.23 mark.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

CELO Technical Analysis: Can Buyers Support The $1 Threshold?

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