Celo is an open-source blockchain platform that allows users to develop a large number of innovative and borderless decentralized applications. It mainly focuses on creating a mobile or smartphone-friendly global payment infrastructure. CELO is the native stable coin of this network and the technical analysis is as follows: Past Performance On May 20, 2021, CELO started trading at $3.99. On May 26, 2021, CELO closed at $3.81. Thus, in the past week, the CELO price has decreased by approximately 4.5%. In the last 24 hours, the CELO price has traded between $3.52-$3.83. https://ift.tt/3hVgfOm Day-Ahead and Tomorrow Currently, CELO is trading at $3.54. The price has decreased from the day’s opening price of $3.81. Thus, the market seems bearish. The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Thus, we can expect an intermittent price rise amidst a negative trend. Moreover, both lines are close to the zero line and may turn positive soon. So, a trend reversal may be on the anvil. Currently, the RSI indicator is at 50%. It faced rejection at 37% and rose to this level. Thus, buying pressures are slowly mounting. In other words, like the MACD oscillator, the RSI oscillator is also indicating a probable bearish trend reversal. However, the A/D indicator is downward sloping. Thus, whale distributions are much higher than whale accumulations. High selling activity will push the crypto price further down. In short, when we look at all three indicators together, we can say that the price will continue to decline for some more time. Thereafter, we have to wait and watch if the price starts rising. CELO Technical Analysis Currently, the price has fallen below the first support level of $3.60. It may soon fall below the subsequent support level of $3.53. Thereafter, we have to wait and watch if the price starts moving upwards. The price has tested and fallen below the 23.6% FIB retracement level of $3.59. If by day end, the price retests and surpasses the 76.4% FIB retracement level of $3.76, then probably a price uptrend has set in. In that case, the price upswing may continue tomorrow as well.
The post CELO Technical Analysis: May Soon Fall Below $3.53, Wait and Watch for Upward Movement appeared first on Cryptoknowmics-Crypto News and Media Platform.
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