Recent changes in the price of CELO/USDT indicate a significant breakthrough in technical analysis, suggesting a shift in market sentiment.
Breakout of Descending Channel
The CELO/USDT chart on the 12-hour timeframe highlights a breakout from a descending channel, which has confined price movement since early May. This signals a possible end to the prevailing bearish trend, introducing a new bullish outlook in the short to medium term.
Confirmation of Bullish Setup
Price behavior around a horizontal zone between $0.27 and $0.28 played a crucial role in this development. Historically, this area acted as a strong resistance level, and now it appears to act as support, reinforcing the strength of the recent breakout.
Short-Term Momentum and Trading Volume
The buying volume significantly outpaced selling volume in recent moves. The peak of net buy volume reached 315,612 CELO, while net sell volume showed -109,617. This volume imbalance indicates heavy buying interest.
The analysis of the CELO/USDT market shows positive changes with potential for upward movement. Investments in this asset could be appealing due to strong volume analysis and favorable price dynamics.