$CELR Price Action Analysis: A Potential Reversal from Key Support
The price of CELR has been showing a consistent downtrend within a descending channel on the 1-hour chart, following a well-established pattern of lower highs and lower lows. However, recent price action indicates that the asset may be poised for a reversal. After bouncing off the lower boundary of the descending channel, which serves as a strong support level at 0.01825, CELR is showing signs of potential upward movement.
One key indicator supporting this potential reversal is the Relative Strength Index (RSI), which has been in a downward trend. The RSI is now nearing a point where it could break this downtrend, signaling a shift in momentum to the upside. This would confirm the bullish outlook and provide further confidence in a potential rise in the coming hours.
Additionally, CELR is showing a trend to stabilize above the 100-period moving average, which is often considered a sign of strength and potential bullish momentum. The price currently sits at 0.01970, presenting an entry point for traders looking to capitalize on the upcoming rally.
Price Targets:
1. First target: 0.02100
2. Second target: 0.02235
3. Third target: 0.02391
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In summary, CELR appears to be at a critical point where it could break free from its descending channel and embark on an upward journey. Traders may want to consider entering at 0.01970, with the price targets of 0.02100, 0.02235, and 0.02391, while keeping an eye on the RSI and the stability above the 100-period moving average for confirmation of the bullish trend.
