CELO Technical Analysis: Support At $1.23 Teases A Reversal
Table of contents
Key technical points:
Past Performance of CELO
The CELO price witnessed a dramatic selloff trend accounting for a downfall of 73% within six weeks before taking a halt at $1.25. However, the bullish resort keeps the market price floating above $1 and helps consolidate the trend. Furthermore, the consolidation gains bullish influence as the double bottom pattern forms within the range.
Source-Tradingview
CELO Technical Analysis
As the CELO prices face higher price rejection above the neckline of the double bottom pattern increases the chances of fallout. Nonetheless, the crucial support level could further continue the lateral shift in case of a bearish takeover attempt.
A bullish crossover between MACD and signal lines is an excellent way to encourage CELO buyers, as is evident in the increasing trends of the bullish trend in histograms. Furthermore, the market price indicates a rise in the demand for the base since both VI lines from the Vortex indicator converge to create a bullish cross-over.
The Stochastic RSI indicator shows a bullish journey coming to an end as the chances of crossover increase in the nearly overbought territory.
In short, CELO technical analysis displays a high consolidation breakout possibility.
Upcoming Trend
A bullish breakout in the double bottom pattern could reach the resistance trendline close to $1.65 and push the overhead resistance for a breakout attempt. On the other hand, if sellers take the market price under $1.25, it will plunge to $1.
Resistance Levels: $1.50 and $1.65
Support Levels: $1.25 and $1