A recent analysis of CELO shows the asset at a pivotal phase after breaking out from a falling wedge. The market awaits a crucial retest to confirm a sustained uptrend.
Retest Phase Analysis
A recent tweet from Crypto Titan noted that "$CELO had a breakout from the falling wedge pattern in the daily timeframe and is heading towards a retracement to confirm the same." The chart shows the price rising towards the $0.40 resistance level. The breakout lacked strong momentum, suggesting a likely retest.
Technical Indicators and Market Sentiment
The MACD indicator currently suggests weakening bearish momentum, with histogram bars turning lighter red indicating reduced selling pressure. The Stochastic RSI indicates the asset is in oversold territory, hinting at a potential short-term rebound if volume increases.
Price Scenarios and Market Outlook
If the retest succeeds, CELO needs to hold the $0.33–$0.36 range to establish reliable support, potentially triggering upward moves toward $0.45, $0.70, and $1.00. Alternatively, a failure to hold support could lead to further declines.
Current technical analysis provides a clear framework for the next stage in CELO’s price progression. The outcome of the retest will determine the direction of future movements, making it a closely watched development.
