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  • CELO price has rallied 28% over the last 24 hours to trade above $7.0.
  • Celo price prediction is bullish as bulls eye the all-time high above $11.

The Celo token defied yesterday’s crypto market crash dropping by less than the 1% when top cryptos such as Bitcoin (BTC) and Ethereum (ETH) were losing as much as 10% and 12% respectively. The long lower wick on Monday’s doji stick suggests that the bulls were aggressive enough to prevent the token from plunging. At the time of writing, the CELO price is exchanging hands around $7.0 as bulls aim continue the bullish run.

CELO Price Bulls Aim For The All-Time High Above $11

The CELO/USD price has been stabilising above the $5.0 mark as it traded in sideways between September 10 and 18. The mobile-first crypto increased 14% on September 19 as bulls attempted to breach the $6.0 psychological level, reaching highs of around $6.33. Yesterday’s bearish session attempted to undo these gains but the session was marked by a doji stick, suggesting indecision in the market.

The coin is currently trading at $7.0 and appears to be battling immediate resistance at the $7.12 level. A closure above this level could bolster the bulls to push the Celo price higher. If this happens, the CELO/USD price could rally to tag the August 31 high around $7.89. A clear breakout above this area could see CELO rise to tag the all-time around $11.16 reached on August 30. This would represent a 58% rise from the current price.

CELO/USD Daily Chart

Celo price Daily Chart
Celo price Daily Chart. Source: Tradingview

The upsloping moving averages and the positive SAR which flipped positive on September 19 accentuate CELO’s upward movement.

In addition, the upward movement of the Moving Average Convergence Divergence (MACD) indicator above the zero line in the positive region suggests that the current market momentum for CELO price is bullish. Also realise that the MACD sent a call to buy crypto signal yesterday when the 12-day Exponential Moving Average (EMA) (blue line) crossed above the 26-day SMA indicating that the CELO bullish momentum was building up as bulls took control of the market.

Moreover, the upward movement and entry of the Relative Strength Index (RSI) into the overbought reason shows that the bullish momentum is strong and may continue in the near term.

However, if things go awry for CELO and the price  falls below the immediate support around the $5.8 mark,  the asset could drop to tag the $5.48 and $5.14 support levels.

Further drop below this point could see CELO drop below the $5.0 level to tag the 50-day Simple Moving Average (SMA) at $4.23, the 200-day SMA at $3.85 and the 100-day SMA at $3.46 respectively.

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