CELO Price Analysis: Bears Struggle for a Breakout
- CELO price entered a period of consolidation on the daily price chart after posting a breakdown.
- This time, the CELO bulls made it difficult for the bears to take control.
- The CELO/BTC pair is at 0.00004415 BTC, a loss of 3.92%.
A blockchain ecosystem called Celo is dedicated to improving acceptance of cryptocurrencies among smartphone users. Celo wants to make bitcoin transactions accessible to billions of smartphone users around the world, even those without access to banks, using phone numbers as public keys.
After recording a breakdown, CELO price entered a consolidation phase on the daily price chart. It looks like the bulls are making serious efforts to make a breakthrough, to speed up the process the coin needs to attract more buyers. Those wishing to enter the market must wait as the price has already risen a lot, which is mainly followed by selling pressure. CELO bulls need to tackle the decline in trading volume as it is a major factor supporting the price.
The current price of a CELO token is trading at $1.05, which represents a 5.38% gain in its market capitalization over the past 24 hours. The coin has a trading volume of 33 million with a loss of 12.53% on the intraday trading session which appears to be collapsing and has a market capitalization of 473 million. The market capitalization ratio by volume is 0.07197.
Will the bears take over?
A good uptrend move can be seen on the daily and hourly timeframe, so this time it looks hard for the bears to take over.
The MACD indicator also supports statement as the MACD line moves above the MACD signal line, with ascending green histograms and the gap between them increases. The Relative Strength Index is moving positively on the daily price chart supported by the buyers. The RSI value for CELO is almost equal to 60. So overall, the efforts of the bulls will not let the bears take over just yet.
After recording a breakout, the CELO coin is in a consolidation phase on the daily price chart. Bulls are making serious efforts to make a breakout. It looks like the bulls need to address the decline in trading volume that is supporting the price. This time, it looks hard for the bears to take over as the uptrend movement makes it difficult for the bears to take control, which is supported by the technical indicators across all time horizons.
Resistance levels: $1.37 and $1.52
Support levels: $0.73 and $0.60
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