CELO/USD Consolidates Around $0.47 Level

The Celo price prediction may need to stage a meaningful short-term rally for the coin to see a rise above the $0.50 level.

Celo Prediction Statistics Data:

• Celo price now – $0.47
• Celo market cap – $240.4 million
• Celo circulating supply – 505 million
• Celo total supply – 1 billion
• Celo Coinmarketcap ranking – #120

CELO/USD Market

Key Levels:

Resistance levels: $0.65, $0.70, $0.75

Support levels: $0.30, $0.25, $0.20

CELO/USD is seen moving in a narrow trading range after a bullish rally failed to materialize. The early daily rally toward the $0.50 level failed to generate sustainable gains, with CELO/USD slowly climbing toward the 9-day and 21-day moving averages. However, the longer that the Celo price fails to rally from current trading levels, the greater the chance that we may see the coin falling to a new monthly trading low.

Celo Price Prediction: Celo (CELO) May Head to the Upside

The Celo price is likely to cross above the 9-day and 21-day moving averages, but the longer the coin fails to rally from current trading levels, the greater the chance that traders may see the coin falling. A break below the moving averages may bring a deeper decline toward the support levels of $0.30, $0.25, and $0.20. The technical indicator Relative Strength Index (14) is still below the 50-level, suggesting a bearish movement for the market.

However, the daily chart highlights that CELO/USD bulls need to re-group and energized the market by pushing the price above the moving averages. Therefore, any further bullish movements could locate the resistance levels of $0.65, $0.70, and $0.75, and a move above these levels may encourage further Celo buying.

When compares with BTC, Celo (CELO) is moving in sideways below the 9-day and 21-day moving averages. The Celo price is likely to follow the upward movement if the bulls push the coin toward the upper boundary of the channel.

However, as the technical indicator, Relative Strength Index (14) implies, the signal line is likely to cross above the 50-level with a possible break to the upside. Moreover, any further bullish movement could lead to a resistance level of 2100 SAT and above. On the contrary, falling toward the lower boundary of the channel may hit the support level of 1200 SAT and below.

Alternatives to Celo

The Celo price could spike to the upside as the coin faces the upper boundary of the channel. At the moment, the movement to a downward trend is yet to be cut short as revealed by the technical indicator. In the early hours of today, CELO/USD opened today’s trade at $0.47 but could still follow the bullish movement if the buyers increase the pressure.

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