Celo Price Prediction: Will the Coin See a Rally Above $0.50?

The Celo Price Prediction: Will the Coin See a Rise Above $0.50?

The Celo price prediction suggests that the coin may need to stage a meaningful short-term rally in order to see a rise above the $0.50 level. Currently, the Celo price stands at $0.47, with a market cap of $240.4 million. The coin’s circulating supply is 505 million, and the total supply is 1 billion. Celo is currently ranked #120 on Coinmarketcap.

Key Levels: Resistance and Support

Resistance levels: $0.65, $0.70, $0.75
Support levels: $0.30, $0.25, $0.20

CELO/USD Market Analysis

CELO/USD is currently moving in a narrow trading range after a failed bullish rally. Although there was an early daily rally towards the $0.50 level, it failed to generate sustainable gains. The Celo price is slowly climbing towards the 9-day and 21-day moving averages. However, if the coin fails to rally from current trading levels, there is a greater chance of it falling to a new monthly trading low.

Celo Price Prediction: Heading to the Upside?

The Celo price is likely to cross above the 9-day and 21-day moving averages. However, if the coin continues to fail in rallying, there is a greater chance of a deeper decline towards the support levels of $0.30, $0.25, and $0.20. The Relative Strength Index (14) is still below the 50-level, indicating a bearish movement for the market. Bulls need to re-group and energize the market by pushing the price above the moving averages. This could lead to further Celo buying and resistance levels of $0.65, $0.70, and $0.75.

CELOBTC Analysis

When comparing Celo with BTC, it is currently moving sideways below the 9-day and 21-day moving averages. However, the Relative Strength Index (14) suggests a possible break to the upside, with the signal line likely to cross above the 50-level. Further bullish movement could lead to a resistance level of 2100 SAT and above. On the contrary, falling towards the lower boundary of the channel may hit the support level of 1200 SAT and below.

Alternatives to Celo

While the Celo price faces challenges, another token is breaking records with its presale. Despite being launched a few weeks ago, this token has raised almost $18 million, making it one of the biggest tokens of the year.