1. Trend overview
• Main trend: The price has decreased from the peak of 1.811 USDT and reached a low of 0.356 USDT before recovering. Currently, the price is fluctuating at 0.679 USDT with an increase of +6.43%.
• The price shows signs of recovery but is facing resistance near 0.8 USDT.
2. Support and resistance
• Important support:
• 0.6 - 0.65 USDT: This is the nearest support area. If the price holds this area, the uptrend may be maintained.
• 0.356 USDT: This is the nearest bottom and a strong support if the price drops significantly.
• Important resistance:
• 0.8 - 0.85 USDT: This is the nearest resistance area. The sellers are controlling this area.
• 1.0 USDT: This is a stronger resistance, needs to be broken to confirm the medium-term uptrend.
3. Price action
• Recent candles:
• Small-bodied candles with wicks appear, indicating hesitation between buyers and sellers.
• The current price is fluctuating around the MA5 (golden line), indicating a temporary balance.
• Trading volume:
• Volume has been gradually decreasing in recent days, indicating weakening buying power.
4. Technical indicators support
• MA (Moving Averages):
• MA5 (golden line): The price is fluctuating below this line, indicating short-term weakness.
• MA10 (purple line): The price is still above this line, indicating that the medium-term trend has not been broken.
• MACD:
• MACD Histogram is small and close to 0, indicating the market lacks a clear trend.
• DIF (0.027) is above DEA (0.025), indicating buying power still prevails but is not strong.
• RSI:
• RSI(6): 44.35, RSI(12): 48.68, RSI(24): 49.34 => All indicators are below 50, indicating a neutral market with selling pressure slightly higher.
• OBV:
• OBV remains stable, indicating no significant change in capital flow.
5. Scenario based on Price Action
Scenario 1: Price continues to rise
• If the price breaks through the resistance area of 0.8 USDT with a strong bullish candle and high volume, the uptrend may be confirmed.
• Target: 1.0 USDT zone.
Scenario 2: Price drop breaks support
• If the price drops below the support area of 0.6 USDT, the downtrend may return.
• Target: 0.5 - 0.4 USDT zone.
Scenario 3: Accumulation
• The price may continue to fluctuate in the range of 0.6 - 0.8 USDT to create an accumulation zone before determining the next trend.
6. Trading strategy
• Buy (Long):
• When the price breaks through the 0.8 USDT zone with a clear signal (strong bullish candle with high volume).
• Sell (Short):
• When the price breaks below the support area of 0.6 USDT with high volume.
• Wait: If the price continues to fluctuate within a narrow range, wait for a clear breakout signal before entering a trade.
Conclusion:
Currently, the CELO/USDT price is fluctuating within the accumulation zone with slightly more selling pressure. The market needs to clearly break one of the support or resistance levels to determine the next trend. Monitor price action and trading volume at key levels for accurate decision-making.
