CELO Technical Analysis: Price Continued its Uptrend Over the Last Week

Ankita  |  Oct 22, 2021

Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. Celo was originally founded by a team comprised of people from MIT, Stanford, Google, Square, Circle, Visa, GoDaddy, World Bank, Federal Reserve Bank, Harvard University, University of Pennsylvania Law School, Cambridge University, U.S. Department of Justice, Bank of America, Capital One, Twitter, Give Directly, and the Gates Foundation.

Let us look at the technical analysis of CELO.

Past Performance

CELO opened at $5.91 on 15 October 2021. The week witnessed an uptrend in the price chart. It closed at $6.96 on 21 October 2021, which was a 17.7% change over the week.

TradingView Chart

CELO Technical Analysis

The price continued its uptrend over the last week. However, it took support at $6 in the middle. Currently, CELO is trading at $6.723, which is 3.8% down from yesterday. This is a bearish signal.

OBV is showing an uptrend with a horizontal segment at the end of the graph, which means that the buying and selling pressures are now balancing each other. This is a neutral signal. Thus, the traders may hold their current positions.

Currently, at 63.9%, RSI is showing the beginning of a trend reversal in its graph. This is a bearish signal, meaning that the traders may consider taking a short position.

MACD, as a lagging indicator, is confirming the uptrend of the chart. This can be seen as the fast line is moving in the positive direction, while the gap between the fast and the slow line is increasing. There is no divergence of the MACD graph from the price chart.

Day-Ahead and Tomorrow

The fib numbers show that the CELO price has successfully crossed the target at $6.66. The next Fibonacci level is at $7.62.

Thus, the indicators as giving mixer signals. This means that the traders may hold their current positions. Meanwhile, the target can be placed at 7.53 and the stop-loss can be placed at $6.5.

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