CELOUSDT Price Increases by Nearly 3% While Near a Nine-Month Low

CELOUSDT continues to trade near a nine-month low despite recording a price increase of 2.92% in today’s trading session. However, we can’t rule out that this may be a stepping stone. So, let’s see how price action develops in this market.

Celo Statistics:
CELO Value Now: $1.141
Celo Market Cap: $220,343,401
CELO Circulating Supply: 511,790,944
Celo Total Supply: 1,000,000,000
CELO CoinMarketCap Ranking: 120

Major Price Levels:
Top: $0.431, $0.500, and $0.550
Base: $0.400, $0.350, and $0.300

CELOUSDT Buyers Are Trying to Dominate the Market

Price activity in the CELOUSDT market suggests that buyers are trying to demonstrate some dominance, thereby breaking the predominant consolidative move in this market. Trading activities could be seen to have returned to their initial volatility level, which had been rampant in the market since August 17th. At this point, the current price of this token aligns with the 9-day Smooth Moving Average SMA.

Also, the appearance of this price candle suggests that upside momentum may bring prices above the aforementioned SMA line. Meanwhile, the Relative Strength Index (RSI) lines are still trending upward above the 50 level of the indicator, which aligns with the fact that more upside correction may be recorded in this market.

CELOUSDT Price Action Is Bullishly Biased

Coming to the Celo 4-hour market, price action here seems to have a stronger bullish tone. Price action has been able to arrive above the 9- and 21-day SMA lines. The price candle representing the ongoing session can be seen leaping off the SMA curves.

Additionally, despite the appearance of an upper shadow on this price candle, the RSI indicator maintains a strong upside bias toward the 50 levels of the indicator. Consequently, this suggests that the price of this token will likely break the resistance at $0.440 and extend the upside correction towards the $0.460 mark.

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