The CELO price action shows a decisive breakdown from the broadening wedge pattern, indicating a revisit to $0.742. So, should you turn bearish? Key Technical Points: The ascending broadening wedge pattern is a reversal pattern that triggers a significant downfall. The MACD indicator slopes on the verge of dropping below the midline will give additional confirmation for selling. With a market cap of $396 million, the intraday trading volume of CELO has increased by 17.40% to reach $21.98 million. Past Performance of CELO Amid the recent recovery sentiment in the crypto market, the CELO/USDT pair formed a broadening channel pattern in the daily time frame chart. Under this pattern’s influence, the coin price recovered 63.4% from the $0.734 low, hitting the $1.12 support zone. However, the multiple long-wick rejection candles indicate the bullish momentum was exhausted. Source – Tradingview CELO Technical Analysis On August 14th, the CELO price reverted from the combined resistance of the pattern’s trendline and the $1.197 barrier. The resulting downfall showed six consecutive red candles, registering a 27.28% loss. Furthermore, the coin price currently trades at $0.862 and triggers a breakdown from the channel pattern. A bearish crossover between the 20-and-50-day EMA bolsters the continuation of the prevailing downtrend. The daily RSI slope nosedive below the neutral zone, indicating the market sentiment has shifted on the bea...
