The CELO blockchain ecosystem focuses on increasing the adoption of cryptocurrencies among smartphone users. CELO’s main objective is to bring all smartphone users into the crypto umbrella. Also, CELO allows the creation of smart contracts and DeFi apps on the platform. Let us look at the technical analysis of CELO.
On June 29, 2021, CELO opened at $2.63. On August 4, 2021, CELO closed at $2.80. Thus, in the past week, the CELO price has decreased by approximately 4.54%. In the last 24 hours, CELO has traded between $2.76-$2.99.
Currently, CELO is trading at $2.81. The price has decreased from the day’s opening price of $3.00. Thus, we can see some profit booking from the day’s high.
The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is turning bullish. Hence, the price may rise further.
Currently, the RSI indicator is at 54.37%. It faced rejection at 48.28% and rose to this level. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal in CELO.
In short, when we look at all the oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.
Currently, the price is below the second Fibonacci pivot point of $2.86. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $2.72, $2.60, and $2.48, respectively.
The price is trading below the FIB retracement level of $2.86. It may soon fall below the FIB retracement level of $2.72. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.
However, on the upside, if the resistance of level $2.86 is broken, it will highlight the next resistance at $3.10. That can be kept as the target for the long call.