CELO Technical Analysis: Can Buyers Support The $1 Threshold?

The CELO price action shows a range breakout rally attempting to break the resistance trendline and reach the $1.23 mark. Key Technical Points: The CELO prices jumped by 40% last night, resulting in a vast bullish candle in the daily candle. The bull run exceeds the 100-day SMA and challenges the $2.67 mark. With a market cap of $482 million, the intraday trading volume of CELO has increased by 3% to reach $20 million. Past Performance of CELO The CELO price action shows a bullish trend in the daily chart, which is evident by the ascending resistance trendline. The recent bullish trend starting from the $0.80 mark breaks the resistance of the consolidation range at the $1 mark. After that, however, the breakout rally takes a turnaround from the resistance trendline to retest the $1 breakout. Source – Tradingview CELO Technical Analysis The CELO price action shows a successful post-retest reversal from the $1 mark with a morning star pattern. However, the bullish reversal fails to see any significant spike in trading volume, projecting a less likelihood of the trendline breakout. The RSI slope shows a bullish reversal from the 14-day average line to sustain in the nearly overbought zone. Hence, the technical indicator reflects a solid underlying bullishness projecting the likelihood of an uptrend continuation above the psychological mark of $1. The MACD indicator shows a decline in bullish spread between the fast and slow lines...