CELO (CGLD) Attempting To Extend Its Price Upside Retracement

Celo’s price action has moved up by 3.36% today, which placed the crypto second on the daily crypto movers’ list. On the CGLDUSD market, it appears price action is preparing to continue its upside retracement. Let’s further examine this market to see how price action may fare shortly.

CELO Analysis Data:
CGLD value now: $0.599
CGLD market cap: $289,939,685
CELO moving supply: 491,531,934
CELO Total Supply: 1,000,000,000
CGLD CoinMarketCap ranking: #119

Major Price Levels:
Top: $0.599, $0.649, and $0.700
Base: $0.560, $0.520, and $0.500

CELO (CGLD) Bulls Poised to Continue Thrusting Prices Higher

On the CELO daily market, price action retraced upwards after testing the lowest limit of the applied Bollinger Bands indicator curves. Nevertheless, in the just concluded trading session, there was a considerable downward retracement. However, in this session, it appears that buyers are using this downward retracement as an entry point. Consequently, this seems to indicate that price action may keep moving upward. The last candle on this chart is a bullish one, while the RSI curve keeps moving upwards above the 60 levels of the indicator. Also, the MACD lines seem to have moved close to each other, in what appears to be an attempt for a bullish crossover below the 0.0 level. Consequently, this seems to predict that the price may continue toward the middle limit of the Bollinger Bands indicator.

CELO’s (CGLD) Price Bounces off an Upside Slopping Trendline

On the CGLD/USD four-hour market, price action seems to have taken a minor upside retracement off the drawn upside-sloping trendline. It could be observed that this is occurring shortly after the price action crossed below the middle limit of the Bollinger Bands indicator. Furthermore, the RSI lines can now be seen making a move for an upside crossover in the oversold zone. However, the MACD indicator seems to bring a gloomy tone to this market outlook. This could be observed as the lines of the indicator have just performed a bearish crossover and the lines are still trending downwards. Also, the bars of the indicator can be seen growing red and in the negative direction. Therefore, traders may have to wait on the sidelines to see if the price rises above the $0.60 mark. An entry may be placed at the $0.610 mark.

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