CELO Technical Analysis: Support At $1.23 Teases A Reversal
Today, we will analyze a coin with huge upside potential, you heard us, it’s CELO!
Recovering from the dramatic fall in the last six weeks, CELO buyers are ready for a new uptrend as they prepare for a pattern breakout. However, the previous downfall has set multiple bearish check-posts and traps to undermine the recovery attempts.
Will the last week's turnaround promote a bullish breakout or are the sellers ready to overtake the $1 threshold?
Well, to find these answers, watch the entire video to understand CELO price action better, and don’t forget to hit the subscribe button!
So beginning with the market values, CELO's current market price today is $1.52 at 5:30 GMT, a rise of 7.76% in the past 24 hours, doing well considering the overall market!
This overnight increase along with the last week's reversal, which we will analyze further, later in the video, increases the chances of a bull run to $2.
The increase in buying pressure boosts the market value of CELO by 15% in the last three days following the reversal from $1.25.
Shifting our focus toward a more graphical area, so let's see what lies ahead for CELO.
https://www.tradingview.com/x/QMMYRdbt/
The technical chart of CELO/USD displays strong bullish support at $1.25 after the crash we saw in April and early May. The increased demand results in a parabolic reversal within the falling channel. However, the neckline and the resistance trendline coincide at $1.62 forming a high supply pressure area.
Moving to the technical indicators, we see an uptrend in the K and D lines of Stochastic RSI. However, the lines are getting closer which reflects higher chances of bearish crossover.
The Vortex indicator shows a bullish crossover teasing the upside breakout and the MACD indicator shows a bullish trend in action after the recent crossover.
In simple terms, CELO market value keeps growing as players are ready to buy at a higher price.