CELO Technical Analysis: Will This Reversal Break The Bearish Triangle?
The CELO price action displays a bear trend under the influence of a declining trendline and the 50-day EMA in the daily chart. However, the recent bull cycle in the triangle pattern forms a morning star pattern teasing a breakout. So, is this a perfect buying opportunity for CELO?
Key Points:
Source-Tradingview
CELO Technical Analysis
The CELO price action maintains a declining trend after the bearish breakout of the $1 psychological support level generating a bearish triangle. Additionally, the market value has declined by 18% in the influence of the resistance trendline.
The 50-day EMA moves along with the resistance trendline, reflecting a solid underlying bearishness. Currently, the price action displays a morning star pattern forming at the base level of the triangle pattern teasing the potential bullish breakout.
Furthermore, the 3.6% intraday jump with a spike in the trading volume supports the bullish breakout possibility. Therefore, if the buying pressure sustains, the CELO prices will breach the resistance trendline to reach the psychological mark of $1.
Conversely, the bullish failure to start the bull cycle will inevitably break the $0.72 support level, leading to a fall to $0.65.
Technical Indicator
The RSI slope projects a sideways trend struggling to rise above the halfway line reflecting a constant underlying bullish struggle. Moreover, as the bearish histograms decline, the MACD and signal lines give a bullish crossover.
Therefore, the technical indicators highlight a reversal possibility as the market recovers. As a result, the CELO technical analysis signals a buying opportunity at the bullish breakout.
Resistance levels- $0.85 and $1
Support levels- $0.72 and $0.65