- CELO broke above the falling wedge, reaching $0.40 resistance, with a crucial retest zone between $0.33 and $0.36.
- MACD and Stochastic RSI indicate weakening bearish momentum, hinting at a potential short-term rebound if volume increases.
- A successful retest could drive CELO toward $0.45, $0.70, and $1.00, while failure may push prices below $0.33.
A recent technical analysis of CELO shows the asset in a pivotal phase after a breakout from a falling wedge. The market now awaits a crucial retest before confirming a sustained uptrend. Observers track price action closely during this critical period.
Retest Phase Analysis
A recent tweet from Crypto Titan noted that “$CELO had a Breakout from the falling wedge pattern in the daily timeframe & heading towards the retracement to confirm the same.” The tweet compared the chart to $MOVE’s pattern and indicated that market participants should prepare once CELO claims a strong demand zone. This remark adds context to the current retest phase and supports the analysis of price behavior.
The CELO daily chart from Binance reveals that the asset broke above the upper trendline of a falling wedge. The price advanced to the $0.40 region, which serves as a key resistance level. The breakout did not produce strong momentum, suggesting that a retest is likely. A retest occurs when the price pulls back after breaking resistance to verify it as new support. The most critical retest zone lies between $0.33 and $0.36. A rebound from this range would confirm that resistance has now become support and set the stage for further gains.
Technical Indicators and Market Sentiment
The MACD indicator currently shows the MACD line at -0.0018 and the Signal Line at -0.0084. These values suggest that bearish momentum is gradually weakening. Histogram bars are turning lighter red, indicating a reduction in selling pressure. In addition, the Stochastic RSI shows values of 7.81 for %K and 9.50 for %D. These levels place the asset in oversold territory and hint at a potential short-term rebound if volume increases.
The combination of MACD and Stochastic RSI readings provides valuable insights into market sentiment. The indicators reveal that the current trend may be losing strength, which could favor buyers if the retest confirms new support levels.
Price Scenarios and Market Outlook
If the retest succeeds, CELO must hold the $0.33 to $0.36 range to establish reliable support. A successful retest could trigger upward moves toward targets at $0.45, $0.70, and possibly $1.00. The market may see renewed buying activity once support is confirmed. Increased volume and higher lows within the retest zone would support the bullish scenario.
Alternatively, if CELO fails to maintain support above $0.33, the asset may experience a deeper correction. A drop below this level might push the price toward the $0.30 region or lower. The asset has been consolidating around the $0.33–$0.34 range, with volume remaining lower than previous peaks.
CELO traded at $0.3375 at the time of writing, with a 24-hour trading volume of $26,929,473. Recent data show a 1.21% price increase in the last 24 hours, while the asset declined by 14.82% over the past seven days. Technical analysis now provides a clear framework for the next stage in CELO’s price progression.
