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CELO Price Analysis: CELO Token Price Rises Almost 60% Within 48 hours, Opposed By The 200 EMA

DSOGese4
  • The CELO token price faces a sudden increase in trading volume resulting in almost 60% in coin price. 
  • The coin price is trading below the 50 and 200 EMA in the daily chart after the recent death cross.
  • The pair of CELO/BTC is trading at 0.00008026 BTC, with an intraday growth of +13.08%.
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The coin price has been trading in a downtrend after facing rejection from the $3.8 mark. However, the coin price found support from the $1.87 mark by making a bullish engulfing candle. 

The intraday trading volume in the CELO token price chart is rising, resulting in a growth of almost 60%. As a result, the coin may soon hit the $3 mark before falling prey to any reversal sign.

Presently, the CELO coin price is trading at $2.72, with a growth of 160% in the intraday trading volume. Furthermore, the increase in buying volume resulted in a 12.5% boom in coin price in the past 24 hours. As a result, the coin dominates 0.05% of the crypto market and manages to secure a rank in the Top 100 coins.

The Bulls Take Over Or Is This A Retest Of Death Cross? 

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CELO token price fell from $6 to $2.66 before facing rejection from the 200 EMA to hit the $1.87 mark. However, the sudden rise in buying pressure has resulted in the bullish reversal of coin price. 

As per the pivot points, the coin may face resistance at $3 and $3.8. On the flip side, the support levels are placed at $1.87 and $1.4. Investors should wait before entering as the price may soon reverse trapping in the bullish promoters.

In the daily timeframe, the 50 EMA (yellow) and 200 EMA (white) have generated the DeathCross, and the recent jump in price might be the retest of the bearish signal. However, the coin price may soon continue to fall after facing rejection from 50 or 200 EMA. 

The relative strength indicator (bearish) implies bearish momentum as the RSI line faces rejection near the overbought zone and might soon head lower.

The ADX indicator denotes a growing trend momentum as the ADX line spikes up soon and continues to head higher.

Conclusion – CELO token price might face reversal near the $3 mark as the technical indicators generate a sell signal projecting the increasing fear among the investors. 

The retest of the DeathCross may fail near the 50 EMA, but the chance of price reversal near 200 EMA is also high. Therefore, investors are suggested to hold their entry till all the critical EMAs are breached.

Support– $1.87 and $1.4

Resistance– $3 and $3.8