The Celo market has been dealing with indecision at the $0.724 price level for almost two month. This was before the market had a two-day bearish price breakout that brought the price to $0.424. This price becomes the new support price level for the market. On November 10, from that same support level, we had a bullish move for the day’s session. Despite the bullish move of November 10, buyers could not secure a higher support level on the following day. Therefore, the price fell back to the $0.424 price level.
Celo Market Price Statistic:
- CELO/USD price now: $0.477
- CELO/USD market cap: $245,418,485
- CELO/USD circulating supply:473,376,178.00
- CELO/USD total supply: 1,000,000,000
- CELO/USD coin market ranking: #106
- Resistance: $0.50, $0.60, $0.70
- Support: $0.40, $0.30, $0.20
Celo Market Price Analysis: The Indicators’ Point of View
The inability of the bulls to recover the bullish price has made the resistance level shift to a lower level of $0.488. Efforts are yet still being made by the buyers to capture this price level. The Moving Average Convergence and Divergence indicator now have a small bullish histogram. And the MACD line has crossed the signal line. By the time bulls finally, subdue the $0.469 resistance level, the next resistance for them to face is $0.522.
CELO/USD 4-Hour Chart Outlook
The smaller timeframe now portrays the market price in its bullish zone. The price action is now above the 20-day moving average. And the bullish momentum has now hit 61 in the Relative Strength Index. The bullish move targets the $0.50 resistance level. But the market still has a long way to go to recover the bullish price. For now, CELOUSD is yet in bear territory.
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