- CELO broke below a multi-month symmetrical triangle, confirming bearish control.
- Price has dropped over 18% in a week and sits below key moving averages.
- Futures volume is rising despite low spot interest, pointing to speculative trading.
CELO has broken below a crucial multi-month support, confirming a bearish trend. After an 18% drop in under a week, traders now watch the $0.26 level for signs of a potential rebound or further decline.
Celo Bearish Pattern Unfolds
The move, highlighted by AlphaCryptoSignal, shows CELO’s repeated failure to push past mid-level resistance within the pattern. Once the ascending support line gave way, the price slid confirming the bearish setup.
The daily CELO/USDT chart shows a classic descending triangle — a bearish continuation pattern. Since peaking near $0.33 on September 18, CELO has dropped roughly 18%, now hovering around $0.2693.
Interestingly, this breakdown came on low trading volume, hinting at possible hesitation or a slow-build in selling pressure. CELO now trades below both the 9-day EMA ($0.2883) and the 50-day SMA ($0.3179).
Unless the token reclaims the $0.29–$0.30 zone, the risk of further downside looms.Support lies between $0.24–$0.25, an area that previously attracted buyers.
Speculation Rises Amid Split Sentiments
Despite a modest 0.75% gain in the past 24 hours, the overall sentiment around CELO remains cautious. The token has dropped more than 20.7% over the last month and is down over 50% year-to-date. Compared to its all-time high, CELO has fallen more than 67%, putting significant pressure on long-term holders.
Futures activity tells an interesting story. Open interest sits at $12.89 million, with 24-hour futures volume spiking to $39.62 million. Meanwhile, spot trading volume is low at just $3.30 million, indicating that most activity comes from speculative traders rather than genuine buying interest.
Traders Brace for the Next Move
Currently, CELO appears to be finding short-term footing just above $0.26. This level could act as psychological support and is being closely watched for signs of accumulation.
Some traders are already bottom-fishing at this zone, betting on a potential bounce.However, there’s no strong reversal signal yet. If $0.26–$0.265 fails to hold, a drop toward $0.24 becomes increasingly likely.
