In this Celo (CELO) price prediction 2023, 2024-2030, we will analyze the price patterns of CELO by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Celo (CELO) Current Market Status
What is Celo (CELO)
Celo (CELO) is the native cryptocurrency of the Celo blockchain. Celo is a blockchain protocol that seeks to use phone numbers to provide a worldwide payment system. The protocol aims to proxy public keys using phone numbers. Its mainnet was launched in April 2020. It is based on the proof-of-stake (PoS) consensus mechanism.
The blockchain permits the creation of smart contracts and decentralized applications (DApps). Users can take part in network consensus and pay for on-chain transactions using it as a utility token. CELO is used for transaction fees, governance participation, and related activities.
Celo 24H Technicals
(Source: TradingView)
Celo (CELO) Price Prediction 2023
Celo (CELO) ranks 111th on CoinMarketCap in terms of its market capitalization. The overview of the Celo price prediction for 2023 is explained below with a daily time frame.
CELO/USDT Descending Channel Pattern (Source: TradingView)
In the above chart, Celo (CELO) laid out the descending channel pattern. Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend.
Within a descending channel, a trader could make a selling bet when the security price reaches its resistance trendline. An ascending channel is the opposite of a descending channel. Both ascending and descending channels are primary channels followed by technical analysts.
At the time of analysis, the price of Celo (CELO) was recorded at $0.4496. If the pattern trend continues, then the price of CELO might reach the resistance levels of $0.631, and $0.944. If the trend reverses, then the price of CELO may fall to the support of $0.06721, and $0.396.
Celo (CELO) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Celo (CELO) in 2023.
CELO/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as resistance and support levels of Celo (CELO) for 2023.
CELO Resistance & Support Levels
Celo (CELO) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Celo (CELO) are shown in the chart below.
CELO/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current Celo (CELO) market in 2023.
Celo (CELO) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Celo (CELO) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
CELO/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of Celo (CELO).
Comparison of CELO with BTC, ETH
Let us now compare the price movements of Celo (CELO) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs CELO Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of CELO is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of CELO also increases or decreases respectively.
Celo (CELO) Price Prediction 2024, 2025 – 2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Celo (CELO) between 2024, 2025, 2026, 2027, 2028, 2029, and 2030.
Conclusion
If Celo (CELO) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Celo (CELO) price prediction for 2023 is $0.656. Comparatively, if unfavorable sentiment is triggered, the bearish Celo (CELO) price prediction for 2023 is $0.291.
If the market momentum and investors’ sentiment positively elevates, then Celo (CELO) might hit $1. Furthermore, with future upgrades and advancements in the Celo ecosystem, CELO might surpass its current all-time high (ATH) of $10.66 and mark its new ATH.
This content was originally published by our partners at The News Crypto.