The CELO/USDT market has been rising upwards since November 5th. However, gains have been modest, as volatility has a modest look as well. Technical indicators are also aligned to suggest the possibility of the market moving upwards in subsequent sessions.
Celo Statistics:
CELO Price: $0.8670
Celo Market Capitalization: $475.70M
CELO Circulating Supply: 553.83M
Celo Total Supply: 1B
CELO CoinMarketCap Rank: 157
Key Price Levels:
Resistance: $0.9000, $1.0000, $1.1000
Support: $0.8000, $0.7000, $0.6000
CELO/USDT Buyers Retain Strong Control on Price Movement
The last price candle on the CELO/USDT daily price chart has appeared green above the $0.8000 mark. Also, the mentioned price candle is standing above all the Moving Average (MA) lines. Meanwhile, the 20- and 50-day MA lines are now converging for a bullish crossover below price action. The 100- and the 200-day MA are also converging for the same thing as well.
Meanwhile, the Stochastic Relative Strength Index (RSI) lines can be seen to have delivered a crossover in the overbought region, but the resulting lines are still slightly upwards. This shows that upside forces are still exerting some influence, and the market may still proceed upward.
Celo Seems Yet Poised For More Upside Corrections
Extending the scope of this market analysis to a 4-hour chart has revealed that price activity in the CELO/USDT retains significant upside potential. Here, the last price candle stands exactly atop the 20-day MA lines. Also, the last price candle here seems quite big, and as such, shows that bulls are very strong at this point.
Meanwhile, the Stochastic Relative Strength Index (RSI) has converged for an upside crossover below the indicator’s 40 level. This hints that upside forces are about to get some more boost. Consequently, this may propel the market through the $0.9000 mark and subsequently toward the $1.00 mark. Therefore, crypto signals constructed in this way may be worth using at this point.
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