based on materials from the site - By CFU
Celo (CELO) shows strong signs of continuing the bullish trend after a classic V-shaped recovery. After reclaiming the key support zone, the altcoin is consolidating above it, gaining momentum. Now, the bulls are targeting the resistance zone of $0.42–$0.45.
According to Alpha Crypto Signal, CELO is showing a clear V-shaped recovery on the daily chart. This recovery began after a sharp reversal from the end of June's low. The price quickly broke through the resistance zone of $0.32–$0.335 and moved into a strong support area.
This horizontal support zone now serves as a solid foundation. The fact that the price is being held above it is indicative of strength. Furthermore, during the reversal, the volume significantly increased. This surge in demand reflects genuine bullish interest and growing confidence among traders.
Additionally, the price has started to consolidate just above the restored zone. This is a bullish signal indicating that the bulls are maintaining control over the structure.
The crossing of the EMA and SMA confirms the bullish trend.
Moreover, the 9-day EMA has crossed the 50-day SMA, forming a golden cross on the daily chart. This crossover indicates bullish momentum in the short term within the overall trend.
Both moving averages are pointing upwards. Therefore, the structure confirms the continuation of movement towards higher levels. As long as CELO remains above $0.335, the technical outlook remains stable.
Consequently, this area becomes a critical reversal zone. Bulls need to defend it to maintain the upward trend and short-term targets.
$0.42–$0.45 is the next bullish target.
At the time of writing, CELO is trading at $0.3829, having increased by 8.91% in the last 24 hours and by 16.86% over the week. If the price holds this reclaimed zone, the next growth target is between $0.42 and $0.45.
This target coincides with an important trendline and a psychological resistance level and, most importantly, is the upper boundary of the current bullish trend.
However, if the price does not hold above $0.335, it could trigger a retest of the 50-day simple moving average (SMA) around $0.30. This level may attract buyers on the dip looking for long positions.
Conclusion
CELO is sending clear bullish continuation signals: V-shaped bottom recovery, EMA/SMA crossover, and reclaimed support. As long as the bulls hold $0.335, the move towards $0.45 remains the dominant scenario.
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