Celo Prices Soar Above $0.754 as Bulls Take Control of Market

• Celo was trading with a bullish bias around $0.754 as buyers focused on undoing last week’s losses.
• Technical analysis revealed that the turndown that occurred between Monday and Tuesday last week offered late investors a chance to buy the altcoin at a discount as it appeared primed for an upswing.
• At press time, CELO was exchanging hands above the $0.735 demand zone, embraced by the 200-day simple moving average (SMA). Market participants can expect these buyer congestion areas to provide the hindwinds required to push the price higher over the next few days.

The cryptocurrency Celo has been trading with a bullish bias around $0.754 as buyers are attempting to undo the losses that were seen last week. Technical analysis of the market has revealed that the decline that occurred between Monday and Tuesday last week provided late investors with an opportunity to purchase the altcoin at a discounted price with the expectation that it would soon rally.

At the time of writing, Celo is trading above the $0.735 demand zone, which is being supported by the 200-day Simple Moving Average (SMA). Market participants are expecting that the buyer congestion areas to provide the necessary support to push the price higher over the coming days. In addition to the 200-day SMA, there are other support levels that could also come into play. These include the 100-day SMA, which is currently at $0.587, the 50-day SMA at $0.563, and the major demand zone at $0.48.

The Moving Average Convergence Divergence (MACD) indicator is also showing a bullish sign as it is currently moving upwards. This is a sign that the bulls are currently in control of the market and could potentially lead to a 43% upswing to the $1.08 price level.

It is important to note that while the technical analysis is pointing towards a bullish outlook, it is still important to remain aware of the market’s volatility. This is especially true as the cryptocurrency market is still relatively new and is prone to sudden changes in price. Therefore, it is recommended that investors research the asset thoroughly before making any trades.