Celo crypto’s bullish momentum died in late July. Ever since then, cryptocurrency has been moving downhill on a strong trend. At the time of writing, Celo coin stands at a price level of $2.25. The price of the cryptocurrency has increased by 5% in the past twenty-four hours while the daily trading volume has shot up by 130%. In the weekly timeframe, Celo crypto has declined by 16% – whether the current upside movement is a reversal of the downward trend will be made clear by upcoming price actions.
Celo crypto technical analysis
The market sentiment for Celo continues to be strongly bearish. Out of the total twenty-six technical indicators, fourteen are giving out an indication of sell with nine indicators standing at a neutral position and one indication at a bullish sell. Both the oscillators and moving averages are strongly bearish with moving averages more so than the oscillators.
Celo crypto’s current price movement has been identified to be mirroring historical price actions. The cryptocurrency is on an upward move currently. If Celo follows the historical price movements of late June, the current bullish momentum can be expected to last only for a short while. After which strong bearish pressure will lead the cryptocurrency to test crucial support levels. It is after the lows that Celo will begin to regain bullish momentum and reach towards breaking the high of the previous top. However, the analysis needs to be validated first by the cryptocurrency.
Celo crypto price prediction
The blockchain targeting crypto adoption of smartphone users appears to have a bullish outlook in the long term. According to Wallet Investor, the cryptocurrency is expected to have a price of $4.38 in a year’s time while the five-year projection is at $12.31. Per the estimates of Digital Coin Price, Celo coin will end the year with a price of $3.28 and is expected to reach towards $9.95 by 2028.