Celo Price Analysis: CELO Not Finished Yet, Thriving to Surge Back above $1.00?

• Celo’s price is trying to surge back towards the upper price range of the long-term consolidation phase over the daily chart. 
• CELO crypto is trying to recover toward the 20, 50, 100, and 200-day Daily Moving Average.
• The pair of CELO/BTC is at 0.0000433 BTC with an intraday gain of 1.62%.

The Celo price is attempting a steady upward momentum recovery on the daily price chart. The cryptocurrency has to gather buyers in order to exit the consolidation phase over the chart. The CELO currency is trying to surge above the higher trendline of the horizontal range-bound area. Even though it is the most widely used currency, BTC is still below the $25,000 mark. CELO must maintain this increasing momentum in order to get past the consolidation period and rise triumphantly from its own ashes. In the interim, CELO has been consolidating between $0.75 and $1.00. However, CELO bulls appear motivated this time to allow the token to exit the consolidation period and signal a recovery above the key $1.00 barrier.

Celo’s market value climbed by 1.30% the day before and is currently assessed to be $0.92. The trade volume fell by 8.50% during the intraday trading session. This indicates that sellers may be attempting to short the CELO coin market. The volume to market cap ratio is 0.04128.

On the daily price chart, the CELO coin price is attempting to move out of the horizontal range-bound region. To break the pattern, the token needs to draw in additional buyers. However, the volume change is less than typical and must increase for CELO to signal its breakout. Since the negative surge in June 2022, CELO has been trading below $1.00 and has been consolidating between $0.75 and $1.00 ever since. To record its recovery phase on the daily price chart, the token is making an effort collectively.

CELO crypto is trying to recover toward the 20, 50, 100, and 200-day Daily Moving Average.

Will CELO Make it Back above $1.00?

The CELO coin price is now trading with strong rising momentum as it attempts to break out of the consolidation phase. To allow the token to move out of the horizontal range-bound region, CELO bulls must maintain support when the consolidation phase begins. The token is now fighting for survival in an effort to surpass $1.00 and prevent further decline into the lower levels.

Technical indicators point to the momentum of the rally for the CELO coin. The upward momentum of the CELO coin is displayed by the relative strength index during the consolidation phase. The RSI is currently at 41 and is attempting to cross neutrality in order to signal the token’s recovery phase. The upward momentum of the CELO coin is visible on MACD. The MACD line is positioned below the signal line and is moving in the direction of 0 to reach the positive zone.

Conclusion

The Celo price is attempting a steady upward momentum recovery on the daily price chart. The cryptocurrency has to gather buyers in order to exit the consolidation phase over the chart. The CELO currency is trying to surge above the higher trendline of the horizontal range-bound area. Even though it is the most widely used currency, BTC is still below the $25,000 mark. CELO must maintain this increasing momentum in order to get past the consolidation period and rise triumphantly from its own ashes. To break the pattern, the token needs to draw in additional buyers. However, the volume change is less than typical and must increase for CELO to signal its breakout. Technical indicators point to the momentum of the rally for the CELO coin. The MACD line is positioned below the signal line and is moving in the direction of 0 to reach the positive zone.

Technical Levels

Support Level: $0.85 and $0.75

Resistance Level: $1.00 and $1.05

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.    

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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