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Market CELO/USDT: Channel Breakout and Growth Ahead

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by Giorgi Kostiuk

4 hours ago


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.

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