Celo Price Action Is Consolidating as It Increases by Just 0.92%

CELO/USDT price movements stay mostly flat after recovering above the Fibonacci level of 61.80. In addition, trading indicators appear to still be indicating some positivity in this market. What are the chances of these positive signs developing further? Let’s check it out.

CELO Analysis Data
CELO Value Now: $0.609
Celo Market Cap: $299,861,291
Celo Moving Supply: 494,976,084
CELO Total Supply: 1,000,000,000
Celo CoinMarketCap Ranking: 119

Major Price Levels:
Top: $0.629, $0.660, and $0.700
Base: $0.609, $0.580, and $0.560

Celo Price Action Is Ranging

Price activity in the CELO/USDT market is generally sideways. At this point, price action seems to have lost volatility for about 3 sessions. However, the Stochastic Relative Strength Index (RSI) lines are still projected upwards, with reduced distance between the leading and lagging lines. Similarly, the Moving Average Convergence Divergence (MACD) indicator lines seem to have changed bearing from a downward path to a sideways one. Also, the histogram bars of the MACD are pale red and growing short. These signs appear to be hinting that price action in this market can still gain bullish momentum.

It Appears That Bulls Are Quietly Gaining Momentum in the CELO/USDT Market

Trading indicators on the CELO/USDT market present mixed indications. Here, price action is above the Moving Average (MA) line of the used Bollinger Bands indicator. Although the last red price candle has touched down on the MA, the MACD lines remain slightly upward-oriented. Also, the MACD bars above the 0.00 point have now turned pale green. Meanwhile, the Stochastic RSI curves have just delivered a bearish crossover in the overbought zone. Nevertheless, the Bolinger Bands can be seen contracting, which suggests that a price move is developing. Although most of the signs presented on this market suggest a downward retracement, traders can still anticipate an upside retracement towards 0.625.

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