Technical Analysis of CELO/USD: Preparing for a breakout?
The CELO token has shown significant technical activity this week, marking areas of interest for traders looking for quick and precise movements. Let's break down its key levels and projections for the weekend: $CELO
1. Recent Behavior
- The current price is at $0.6880, right between its most relevant support and resistance zones.
- In recent days, CELO has fluctuated between $0.55 (support) and $0.74 (resistance), showing technical bounce patterns.
📈 2. Technical Indicators
- 50 SMA (simple moving average) sloping upwards, signaling a possible short-term bullish trend.
- Double Bounce Pattern: The price has bounced twice from the support at $0.55, hinting at accumulation.
- Bullish candles crossing the SMA: possible attempt to break towards resistance.
🚀 3. Projection for the Weekend$CELO
- If the price holds support and crosses the SMA with volume, it could aim to break $0.74 and move towards $0.78-$0.80 as the next technical target.
- A rejection at resistance would bring the price back near support, with a high probability of a bounce given the observed structure.
🧠 Suggested Strategy
- Entry Zone: $0.60–$0.65, ideal for accumulation with risk control.
- Bullish Target: $0.74 to $0.80 if there is a breakout.
- Suggested Stop Loss: below $0.54, invalid.
dealing with the bounce pattern.
