Celo is a public blockchain network that focuses on developing a global payments infrastructure for smartphones. It is an open-source protocol that enables users to build a large number of decentralized and cross-border apps. EVM compatibility and ease of use are other characteristics of this network. CELO is the native stable coin of this ecosystem and its technical analysis is as follows:
On Jun 18, 2021, CELO opened at $2.60. On Jun 24, 2021, CELO closed at $2.59. Thus, in the past week, there hasn’t been much change in the CELO price. In the last 24 hours, CELO has traded between $2.24 – $2.97.
Day-Ahead and Tomorrow
Currently, CELO is trading at $2.87. The price has increased slightly from the day’s opening price of $2.59. Thus, the market seems bullish.
The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may turn negative soon. Hence, we can expect a price pullback.
Currently, the RSI indicator is at 45%. It faced rejection at 37% and rose to the current level. However, selling pressures are still high. High selling activity will exert downward pressure on the CELO price.
The OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. There is a bullish divergence here. Heavy buying activity will push the price further up.
In short, the RSI and MACD oscillators have given bearish signals, while the OBV oscillator has given bullish signals. Thus, we can say that currently, the overall market momentum is negative. But, we have to wait and watch, if the intermittent price increases are market corrective action or the beginning of a bearish trend reversal.
CELO Technical Analysis
Currently, the price is above the first Fibonacci pivot resistance level of $2.88. It may soon fall below it and further below the Fibonacci pivot point of $2.60. Thereafter, we have to wait and watch if the price starts increasing or continues to decrease.
The price has tested and fallen below the 23.6% FIB retracement level of $2.80. It may soon fall below the 38.2% FIB retracement level of $2.69. If by day close, the price retests and surpasses these levels, then probably the price uptrend is strong. In that case, the price may continue to rise tomorrow as well.