Celo (CELO) Price Analysis: What Does History Teach Us After Recent 19% Slide?

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Celo (CELO) Price Analysis: What Does History Teach Us After Recent 19% Slide?

In Brief

  • The price of Celo (CELO) has collapsed to $1.49, down by -19% in the past 7-days.

  • In comparison, the broader market is down by -0.4%.

  • 7 historic occurrences of the closing marubozu candle indicator suggest that there could be upside potential.

Celo might have plummeted sharply as of late (-19% over 7-days), but historic signals suggest that there may be upside potential in the future.

We certainly can't predict the future, but we can analyze what happened in the past. Stack studied the previous indicators for Celo (CELO) under similar conditions to try and estimate where prices might be heading.

Specifically, we looked at 7 prior occurrences when the closing marubozu candle was detected and this is what we found.

Why Celo's Price Might Be Moving Move Higher

Several situations very similar to this have happened in the past.

Over 7 past occurrences, we found that 100% of the time the price increase by a median 96.89% over the following 60 days.

For example, on August 6th, 2021 we saw the indicator and a price move of Celo move by 3%, only to then move by 100.5% over the following 60 days.

Celo chart

The chart above shows the historic episodes when this indicator occurred with the price.

What does this mean?

This is only a single, data-driven signal, based on a number of previous historic periods. Lots of factors can influence the price of any investment.

Crypto is no different. Social media, developer activity, the number of exchanges and on-chain activity are all factors that can influence prices. These factors are all considered when Stack ranks crypto assets.

{If you believe that other factors, including the broader crypto market, are favorable given the suggested 7-day investment horizon. Then it could represent a good trade, or a good entry point for longer term investors. We always suggest you do your own research (DYOR) before making any investment decisions. |It's important to before making any investment decisions. Crypto is highly volatile, and other factors, like the global crypto market, are likely to influence prices. Always DYOR before jumping in.

What other factor might be moving $CELO?

Lot's of factors can influence the price of any investment. These are just a few that could affect the price of Celo.

The overall crypto market's direction

The broader market is also down by a median -0.4%. Many cryptos are highly correlated, especially to Bitcoin and Ethereum. So this is likely affecting the price.

It's always worth researching the global macroeconomic environment. As crypto trading has become more widespread, it is increasingly becoming correlated to equities.

Developer activity

How active have the devs for Celo been?

During the past 4 weeks there have been 108 commits on Celo's Github account. This compares to an average of 2 commits per week.

Identifying big changes in developer activity can highlight potential new products being worked on and identify abandoned projects that might be in decline.

Social activity

Social media can have a powerful impact on cryptocurrency prices. Even a single tweet can move markets.. It can be hard to judge sentiment just by browsing Twitter, but you can use tools like Stack to monitor the growth of a project's followers.

Celo's Twitter followers have increased by 0% over the past 7 days. You can view stats for other networks in the full report for Celo.

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