Celo was trading with a bullish bias around $0.754 as buyers focused on undoing last week’s losses. The technical analysis revealed that the turndown that occurred between Monday and Tuesday last week offered late investors a chance to buy the altcoin at a discount as it appeared primed for an upswing.
Celo Bulls Eye A 43% Upswing To $1.08
After being rejected by resistance from the $0.766 supplier congestion zone, the Celo price plunged as much as 41% toward the $0.45 support level. Bouncing off this demand level, CELO embarked on a recovery that was sustained for over two weeks before being rejected by the same barrier. The ensuing correction stopped at the $0.60 psychological level and offered a launching pad for the ongoing recovery.
This price action has led to the appearance of a bullish cup-and-handle chart pattern (see chart below), setting CELO up for a bull run. At press time, CELO was exchanging hands above the $0.735 demand zone, embraced by the 200-day simple moving average (SMA).
The next line of defense on CELO’s downside is the 100-day SMA currently at $0.587. Additional support areas would emerge from the 50-day SMA at $0.563 and the major demand zone at $0.48. Market participants can expect these buyer congestion areas to provide the hindwinds required to push the price higher over the next few days.
The Moving Average Convergence Divergence (MACD) indicator was moving upwards deeper into the positive region away from the zero line, suggesting that the bulls were in full control of CELO. The bullish technical structure forecasted a 43% upward move from the cup’s neckline to retest the $1.08 supply zone.
CELO/USD Daily Chart
To achieve this, the CELO price must produce a daily candlestick close above the cup and handle’s neckline at $0.766, confirming the chart pattern. However, a definitive upward breakout would be achieved if the price climbs above the handle’s high of around $0.85, clearing the path to the technical target at $1.08. This would represent a 43% uptick from the current price.
Perhaps the most important fundamental factor that aptly reveals the bullish outlook for Celo’s price is the recent announcement of a new brand identity for the Celo Ecosystem. According to Celo.org, the organization behind the blockchain project, the fresh brand is complete with new logos and will help the company and the Celo community reflect on their objective to help promote Web3 adoption across the world.
🙏 @garbnzgh #CeloEvolution https://t.co/R6q8GDc1PK
— Celo (@CeloOrg) January 23, 2023
The bulls are also bolstered by the news that the blockchain project had been awarded the “’Best Web3 Community’ and ‘Community of the Year’ ” at the just concluded CMX Community Industry Awards.
More importantly, the ongoing rally is attributed to the exciting news that Celo.org will be co-hosting the official Climate Summit at ETHDenver, adding credibility to the company behind CELO.
📢 Exciting #ETHDenver news!@CeloOrg is co-hosting the official Climate Summit at ETHDenver alongside @weareflowcarbon, @OpenForest_, & @NEARProtocol on March 1st.@xochitlcazador, @marek_ & many more exciting guests TBA.
Apply to speak or to attend ⬇️https://t.co/ZqBM1RadBg
— Celo (@CeloOrg) January 24, 2023
These positive fundamentals spark increasing investor interest in Celo, which is a positive sign for its price growth.
On the flip side, the most probable invalidation of the bullish scenario is if the price dropped from the current levels to revisit the handle’s low at $0.60. If the price breaks below this area, then the whole optimistic thesis would be void, and the CELO price would likely fall below the SMAs to seek solace from the cup’s bottom at the $0.45 psychological level.
Alternative To Celo Is Fight Out – The Ultimate Move-To-Earn Ecosystem
The fitness industry is shifting towards newer, decentralized platforms making it easy for investors to find the most promising projects in the space. Fight Out stands out as one of the most innovative solutions.
This Move-to-Earn (M2E) project is designed to make healthy and active lifestyles easily accessible to everyone, regardless of their goals, abilities, or financial muscle. The team behind FightOut believes that fitness should be rewarding, not cost-prohibitive.
Say goodbye to losing your gym motivation!
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Join now and see the difference! 👊⬇️https://t.co/z34Nkx3ffi pic.twitter.com/Q15EXtsFg5
— Fight Out (@FightOut_) January 23, 2023
To achieve this, FightOut is developing a gamified fitness app and gym chain that will allow users to earn the FGHT token by completing workouts and challenges. Fight Out’s presale is underway and the team has already raised $3.28 million by selling 1 FGHT for 1 USDT.
Fight Out (FGHT) – Newest Move to Earn Project
- CertiK audited & CoinSniper KYC Verified
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