CELO Technical Analysis: Price May Soon Breakout of the Third Fibonacci Pivot Resistance Level of $2.81

Celo is a blockchain network that focuses primarily on developing global payments infrastructure for smartphones. It is an open-source protocol that enables users to build a large number of decentralized and borderless apps. EVM compatibility and user-friendliness are other attributes of this network. CELO is the native stable coin of this ecosystem. Let us look at the technical analysis for CELO.

Past Performance

On Jul 23, 2021, CELO opened at $2.42. On Jul 29, 2021, CELO closed at $2.72. Thus, in the past week, the CELO price has increased by roughly 12%. In the last 24 hours, CELO has traded between $2.64-$2.78.

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Day-Ahead and Tomorrow

Currently, CELO is trading at $2.77. The price has increased from the day’s opening price of $2.72. Thus, the market seems bullish.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 57%. It faced rejection at 79% and fell to the current level. Hence, selling pressures are mounting. High selling activity will exert downward pressure on the CELO price.

Besides, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may go up further.

In short, the MACD and OBV indicators have given positive signals, while the RSI indicator has given negative signals. Thus, the overall market trend is bullish. However, intermittent price pullbacks may occur. The possibility of a trend reversal cannot be ruled out too.

CELO Technical Analysis

Currently, the price is above the second Fibonacci pivot resistance level of $2.76. The price may soon break out of the third Fibonacci pivot resistance level of $2.81. After that, we have to wait and watch if the price continues to rise or starts falling.

The price has tested and risen above the 23.6% FIB retracement level of $2.75. It may soon break out of the 23.6% FIB extension level of $2.81. Thus, as of now, the bulls seem strong. Thus, we can expect the price upswing to continue tomorrow as well.