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Sanjay Shukla
Nov 23, 2022
by Sanjay Shukla

CELO Technical  Analysis: CELO Teases a Bullish Breakout Possibility 

CELO Technical  Analysis
The technical analysis shows a reversal momentum with a bull cycle forming a morning star, teasing a breakout, as RSI shows a rise in demand for CELO. So, will you consider buying CELO?

CELO has had a remarkable rebound since early this week despite the token falling drastically during the recent market crash hitting its 2-year low of $0.40, diving more than 9.8% in the last 14 days. With the current trading price of $0.51, the 12.84% intraday jump with a 120% spike in the 24-hour trading volume to $ 7.63 million supports the bullish breakout possibility. The surge of 12.17% in market value to $216.67 million also indicates an uptrend in the market. The steep jump above 200-day SMA moving along the support line underlines the strong uptrend due to high demand among traders.

Key Points:

  • The CELO prices moving above the 200-day SMA signal a bullish breakout 

  • The reversal at $0.41 indicates the start of a new bull cycle 

  • The intraday trading volume in The CELO is $7.63 million, reflecting a 120% jump

    • TradingView ChartSource: Tradingview

    CELO Technical  Analysis

    After a long-term bearish trend, CELO prices see a reversal after taking support at $0.41. The morning star pattern formed by the recent bull cycle in a triangle pattern teases a breakout opportunity. After being pulled back again at $0.45 at a 38.20% Fib retracement level, CELO prices are moving at the bullish range of 78.60%. If buying pressure sustains, the CELO prices would break the resistance trendline and break above the psychologically important mark of $0.75. On the other hand, if CELO fails to sustain the bullish momentum it could fall again below the $0.50 support level. 

    Technical Indicators 

    The RSI slope moving near the mark of 60 above the 14-day SMA projects rising demand for CELO in the market. Moreover, as the bars on the bearish histogram decline, choppy MACD and signal lines tease a bullish crossover above the halfway line. 

    The technical indicators coupled with RSI at the 60 mark, 200-day SMA along the support line, and MACD line teasing another bullish crossover, there is a higher possibility of a bullish breakout.

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    CELO Technical  Analysis: CELO Teases a Bullish Breakout Possibility 
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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