Celo Bull Run Imminent as Buyers Undo Last Week’s Losses

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• Celo was trading with a bullish bias around $0.754 as buyers focused on undoing last week’s losses.
• A bullish cup-and-handle chart pattern has set Celo up for a potential bull run, with a target of $1.08.
• Support levels for Celo include the 200-day simple moving average (SMA) at $0.735, the 100-day SMA at $0.587, the 50-day SMA at $0.563, and the major demand zone at $0.48.

Celo (CELO) is primed for a rally as buyers look to undo the losses seen last week. At the time of writing, the altcoin was trading with a bullish bias around $0.754, with the technical analysis pointing to a potential upswing targeting $1.08.

The turndown that occurred between Monday and Tuesday last week gave late investors a chance to buy Celo at a discounted price. After being rejected by resistance from the $0.766 supplier congestion zone, the price of Celo plunged as much as 41% towards the $0.45 support level. This was followed by a recovery, which was sustained for over two weeks before being rejected by the same barrier. The correction stopped at the $0.60 psychological level, at which point a bullish cup-and-handle chart pattern emerged, setting the stage for a potential bull run.

At press time, Celo was trading above the $0.735 demand zone, which is embraced by the 200-day simple moving average (SMA). The next line of defense on the downside is the 100-day SMA currently at $0.587. Additional support areas could arise from the 50-day SMA at $0.563, and the major demand zone at $0.48.

The Moving Average Convergence Divergence (MACD) indicator was moving upwards, which is a sign of increasing buying pressure. Moreover, the Awesome Oscillator (AO) displayed a series of consecutive green bars, indicating that the momentum had shifted in favor of the bulls.

If bulls manage to push the price of Celo above the $0.766 resistance level, they could target a 43% upswing towards the $1.08 mark. On the other hand, if the bears manage to gain control of the market, Celo could find further support at the levels mentioned above, with a potential downside target of $0.45.