CELO Technical Analysis: Fallen Below the Fibonacci Pivot Point of $3.36

Ankita  |  Aug 16, 2021

CELO is a blockchain ecosystem for increasing cryptocurrency adoption among smartphone users. Through the use of phone numbers as public keys, Celo hopes to introduce cryptocurrency to the world's billions of smartphone users, including those without bank accounts. As part of decentralized finance (Defi), the network also allows for the creation of smart contracts and decentralized applications (DApps). Let us look at the technical analysis of CELO.

Past Performance

The current trading price of the CELO is $3.12. There is an increase of 2.86% in the price and a 2.15% drop in the volume of trading in the last 24-hours. Also, during the last 24-hours, CELO traded between $3.02-$3.17.

TradingView Chart Snapshot

CELO Technical Analysis

After breaking bearish momentum, the RSI took support at the beginning of the month. It is currently at 59.95%. Also, it faced rejection at 63.44% and fell to this level. Thus, indicates that the selling pressure is trying to overtake the buying pressure. Therefore, we will have to wait and watch to see if there is any change in the trend.

MACD and EMA lines have entered the positive zone. Moreover, with a bullish crossover. Thus, suggests a buy signal.

On the daily chart, the OBV has been constant for a while, indicating a neutral interest of the investors.

Day-Ahead and Tomorrow

The CELO price has fallen below the Fibonacci pivot point of $3.36. As some of the oscillators have shown bullish signals, we can expect the price to rise above the immediate resistance level of $3.23 soon.

However, if the price falls below the FIB extension level of $2.97, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

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