- Celo trades at $0.2948, showing a 6.1% daily gain and testing the $0.2965 resistance.
- A confirmed breakout above $0.2965 could open a 74% upside toward $0.50.
- The support remains steady at $0.2744, maintaining bullish continuation potential.
CELO extended its rebound, printing a 6.1% gain in the past 24 hours. The token is trading at $0.2948 at the time of writing against USDT on Binance, according to TradingView. This rally move follows a steep downtrend that topped prices previously within a descending channel. The current breakout attempt, however, is aimed at the $0.2965 resistance level, which has acted as a cap in recent trading sessions.
The upward pressure comes after CELO broke above a long-term downtrend line. The rising trend line maintained the prices at higher levels in May and June leading to the series of lower highs. Of note is that the recent price movement shapes a bullish pattern on short-term charts, indicative of a strengthening technical background.
Further breakout above 0.2965 might lead to more upside.trend line maintained the prices at higher levels in May and June leading to the series of lower highs. Of note is that the recent price movement shapes a bullish pattern on short-term charts, indicative of a strengthening technical background. Further breakout above 0.2965 might lead to more upside.
Technical Structure Shows a Breakout Pattern with Upside Potential
The price action is generating a break out pattern above the descending wedge formation which is suggesting a reversal of sentiment in the near term. The potential rise is indicated by the upside target, which has been estimated at the $0.50 mark, on the 12-hour chart. This is an appreciation of 74.35% above the breakout point.
Traders will watch whether the price holds above the highlighted $0.2965 resistance zone. Sustaining gains beyond this zone would confirm the breakout pattern and validate the upside projection. Otherwise, failure to maintain this level could lead to a retest of the nearby support at $0.2744.
The $0.2744 support zone has remained intact despite several attempts to breach it during the prior downtrend. Its resilience underlines its significance as a near-term pivot.
CELO Eyes $0.50 Target as Price Tests Breakout Above Key Resistance Zone
The 24-hour price interval emphasizes CELO as moving between the price support of 0.2744 and the price resistance of 0.2965. This narrow consolidation range preceded the recent breakout attempt. Market participants will now monitor whether the price can expand beyond this boundary in the sessions ahead.
According to TradingView’s data, the next price projection stands near the $0.50 region. This target corresponds to a measured move of approximately $0.2016 from the breakout zone. However, confirmation requires a decisive move above the $0.2965 threshold. Until this point, the technical context is such that continuation is privileged. Nonetheless, traders are careful and keep eyes on price action at these key levels.
