The cryptocurrency market is a sea of red as prices slide for the third consecutive day. BTC price continued its decline on speculations that Tesla may already be planning to sell its holdings. CELO is an exception to the ongoing market sell-off, rallying by nearly 66% from lows of $4.13 to fresh highs of $6.66 on May 17th. Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. At the time of writing, CELO was trading at $6.03 with a market cap of $1.23 billion and $185 million in traded volume over 24 hours. Celo’s Donut Hardfork will activate on May 19th around 2 PM EDT at a block number of 6774000. Donut, one of the first of many Hardforks planned for Celo will allow full compatibility with Ethereum tooling and wallets as well as bridges to Cosmos, Solana, and NEAR Protocol.
Key Levels
Resistance Levels: $8.50, $$7.23, $6.66
Support Levels: $5.00, $4.17, $3.50
CELO/USD Daily ChartCELO/USD extends higher in Monday trading following a positive close on Sunday. The price action has been broadly consolidating in a range between $3.50- $7.00 levels shortly after reaching all-time highs of $7.23 on April 21st. A strong intraday rally is seen on CELO/USD on May 17th to highs of $6.66 as the price attempts to break out of its range. The RSI oscillator below 60 suggests that there could be further room to the upside.
CELO price is on track to retest the $7.23 all-time high if the immediate resistance at $7 gives way. The RSI is reflecting a pickup in positive momentum. Alternatively, if the $7 resistance level holds, then the price could return into the range while testing support at the MA 50 ($4.91). A break below $3.89 would invalidate the neutral to bullish outlook.
CELO/USD 4-Hour ChartCELO Price posted a strong rebound on hitting support at $4.28 on May 16th, this rebound saw prices breaking past the moving averages 50 and 200 and then the immediate barrier at $5 and $6 to reach highs of $6.66 on May 17th. Further gains above $6.66 are needed to confirm the continuation of the upside to further all-time highs above $7.23.
However, if declines extend beyond the current level, the barrier at $5.59 may come to the rescue ahead of the MA 200 at $5.12. Further losses will open the way to the MA 50 at $4.94 until $4.16. If the pullback from $6.66 finds solid ground, CELO may remain in extended range trading before the next major move. Lift and close above the $7.23 all-time high is needed to resume another leg of the uptrend.
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