Celo (CELO) — Another One To Watch!
Celo’s chart mirrors many altcoins recently:
‣ Clear bottoming structure
‣ Solid bounces from the bottom
‣ Currently setting up for a potential bullish reversal.
‣ The VMA indicator has turned green, signaling a strong bullish trend is evolving.
🔍 About Celo
Here are a couple of facts about Celo:
Celo is focused on creating a financial system accessible to everyone, aiming to bring decentralized finance (DeFi) to mobile devices, providing fast, secure, and cost-effective transactions.
Fundamentals:
• CMC Rank: 159
• Market Cap: $333M
• Trading Volume (24h): $100M
• Circulating Supply: 550M
• Total Supply: 1B
📈 Here's What You Should Watch
Similar to many other altcoins, Celo is currently tackling two major resistances:
1 — The price resistance at ~$0.615. This level has served as support and resistance for months (in 2023 and 2024). A break is essential
2 — The above level also aligns with the 200-day EMA. Another significant level that sends strong bullish signals once broken.
🎯 Trade Setup
Here's how we can approach a CELO trade:
• Entry: Break and close above $0.615 + EMA 200.
• Target 1: $0.73 (~18% potential gain)
• Target 2: $0.90 (~40% potential gain)
• Stop-Loss: Below the recent low, around $0.575
If Celo can push through this key resistance, a significant rally may be ahead!
