CELO Technical Analysis: Bulls trap Soon To Test $2.9 support

The relief rally helped the CELO coin price surge 27%, but the buyers failed to sustain these higher levels, resulting in a $3.3 fakeout. Celo is a blockchain-based ecosystem that focuses on increasing cryptocurrency adoption by smartphone users. With phone numbers as keys for public use, the network hopes to introduce the millions of owners of smartphones, including those who do not have access to banking and cryptocurrencies, to transact. The network also allows the development of smart contracts and DApps within decentralized financial (DeFi). Let us move ahead to read about Icon technical analysis. Past Performance of CELO Under the influence of a descending trendline, the CELO price has tumbled 50% from the January high ($6). The buyers defended the $2.9 support with vigour, resulting in a minor consolidation phase, ranging from the mentioned support and $3.3. Amid the widespread recovery in the crypto market, the buyers escaped the narrow range with a 27% recovery from the bottom support. CELO/USD Daily Chart CELO Technical Analysis The CELO coin price resonated in this range for almost weeks and a bullish breakout from the overhead resistance of $3.3, suggesting an excellent long opportunity. However, the long higher price rejection candle on February 8th projected the intense supply pressure from the bears, resulting in a fakeout from the $3.3 mark. The RSI indicator slope surged from the oversold zone and reclaimed th...