CELO Technical Analysis: Support At $1.23 Teases A Reversal

CELO price finds support at the $1.23 mark resulting in a sideways turn after extremely bearish weeks. Will the halt in downfall bring buyers back in power? Key technical points: The CELO market value inflated by 6.75% in the last 24 hours. Consolidation at $1.25 hints at a double bottom formation. The 24-hour trading volume of Celo is $74.38 Million, indicating a fall of 11.81%. Past Performance of CELO The CELO price witnessed a dramatic selloff trend accounting for a downfall of 73% within six weeks before taking a halt at $1.25. However, the bullish resort keeps the market price floating above $1 and helps consolidate the trend. Furthermore, the consolidation gains bullish influence as the double bottom pattern forms within the range. Source-Tradingview CELO Technical Analysis As the CELO prices face higher price rejection above the neckline of the double bottom pattern increases the chances of fallout. Nonetheless, the crucial support level could further continue the lateral shift in case of a bearish takeover attempt. A bullish crossover between MACD and signal lines is an excellent way to encourage CELO buyers, as is evident in the increasing trends of the bullish trend in histograms. Furthermore, the market price indicates a rise in the demand for the base since both VI lines from the Vortex indicator converge to create a bullish cross-over. The Stochastic RSI indicator shows a bullish journey coming to an end as the c...