CELO/USDT Retreats Below $0.3000

The Celo coin has emerged as the second most profitable token on today’s list of top crypto gainers. However, this comes even as the token appears to have lost a significant portion of its earlier gains. As a result, price action in this market has retreated below a psychological price level.

Celo Statistics

Current Price: $0.2925

Market Capitalization: $167.59M

Circulating Supply: 576.02M

Total Supply: 1B

CoinMarketCap Rank: 229

Key Price Levels:

Resistance: $0.3000, $0.3500, $0.4000

Support: $0.2500, $0.2000, $0.1500

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Celo Holds On to Modest Gains

Although price action in the CELO/USDT daily chart remains in the green, the current session has incurred notable losses. The most recent price candle is still hugging the upper limit of the Bollinger Bands (BB) indicator. However, the candle has contracted significantly, leaving a long upper shadow—an indication of selling pressure at higher levels.

In addition, the Smoothed Rate of Change (SROC) indicator line continues to maintain a slight upward slope from below the equilibrium level. At this stage, price action still aligns with a bullish trajectory, despite facing noticeable setbacks. While long-term traders may remain in their positions, short-term traders should keep a close watch on market developments.

CELO/USDT Maintains Bullish Prospects Despite Setbacks

On the 4-hour Celo chart, what was once a large green candle has now contracted into a red candle. This likely reflects a pullback after price action pierced the upper boundary of the BB indicator. Nevertheless, price action continues to hover near the upper band of the BB.

Likewise, the SROC indicator line is now positioned above the equilibrium level, with its terminal section maintaining an upward slope. Therefore, traders may consider holding a bullish bias while monitoring for a potential rebound toward the $0.3250 price level.

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