Celo (CELO) has demonstrated significant price volatility today, with the asset’s price standing at $ 0.748321 as of the latest update.
With a 24-hour trading volume reaching $136,924,579 USD, the cryptocurrency‘s price has surged by 1.93% within the last 24 hours. Celo currently holds the #139 position on CoinMarketCap, with a live market capitalization of $412,305,810.
The asset’s price movements today reflect a highly active trading environment, as price shifts were noted throughout the day, indicating shifts in market sentiment and potential external factors at play.
Intraday Price Fluctuations Highlight Market Dynamics
The price chart provided for October 6th outlines the notable intraday volatility of Celo’s price, tracking its performance from midnight to around 8 PM.
Initially, the asset opened the day trading at around $0.73 before dipping into the red, indicating a temporary period of decline. However, starting from around 2-3 AM, Celo saw a sharp upward trajectory, with the price peaking close to $0.80 by 4 PM.
Despite the sharp rise, the asset experienced a pullback later in the day, settling at approximately $0.75 by the end of the trading period.
Source: CoinMarketCap
Trading volume, illustrated as a faded area below the price line, corresponded closely with these price fluctuations. Notably, volume increased during periods of price surges and pullbacks, suggesting heightened market activity and a dynamic trading environment.
Despite closing below its daily high, Celo finished the day with a net gain compared to its starting price, reflecting overall bullish sentiment.
Celo Shows Strong Bullish Recovery in Broader Timeframe
The second chart, a daily candlestick chart of the CELO/USD trading pair on Coinbase, illustrates a broader picture of Celo’s performance from June to October 2024. The cryptocurrency is currently trading at approximately $0.752, having shown a strong upward trend since late September.
The asset has gradually climbed from the $0.40 range, reflecting sustained bullish momentum over the past few weeks. The market experienced a downtrend, with Celo’s price dropping from $0.85 in June to below $0.40 in August. The recent price surge indicates that the asset has found support and is now in a recovery phase.
In addition to the price analysis, two more technical parameters, namely, the MACD and RSI back up the positive sentiment regarding Celo. The MACD, which focuses on momentum, indicates a bull signal as the MACD line moved above the signal line. Further, the green bars in the histogram indicate a rising buying pressure.
Source: TradingView
However, the RSI Currently is at 75.24, which means that the Celo is now in the overbought area, there is a high possibility that the asset will have a small correction or consolidate soon. This means the short-term price trend in this market is positive, but rate may be capped at the current prices in the market.
The post Celo Price Prediction October 6: CELO Surges 1.93%, But Will the $0.75 Support Hold After the RSI Hits 75? appeared first on Coinfomania.
