- CELO/USDT has broken out of a descending channel and a broadening wedge, both classic reversal patterns, indicating a substantial shift from bearish to bullish momentum.
- Previous resistance around $0.27–$0.28 is now acting as support, reinforcing the breakout strength. Technical analysis points toward a potential 70%+ rally with a target near $0.42.
- A recent surge in buy volume, outpacing sell pressure by a wide margin, supports short-term momentum and strengthens the case for continued upside.
The price action of CELO/USDT on the 12-hour timeframe, published on July 8, 2025, highlights a breakout from a descending channel. This channel has had confined price movement since early May. The breakout signals a possible end to the prevailing bearish trend and introduces a new bullish outlook in the short to medium term.
A significant horizontal zone between $0.27 and $0.28 played a crucial role in this development. Historically, this area acted as a strong resistance level, preventing upward movement. Following the breakout, the price managed to stay above this zone, which now appears to be acting as new support. The transition of this level from resistance to support reinforces the strength of the recent breakout.
Wedge Pattern Confirms Bullish Setup With Target Near $0.42
An earlier chart, dated July 7, 2025, also illustrated a technically bullish setup. CELO bounced from the $0.24 to $0.25 support zone, which has served as a price floor since April. This price behavior formed the base of a descending broadening wedge pattern, commonly known as a reversal indicator during downtrends.
In early July, the price was able to move above the upper border of the given wedge and was retested afterward, which verified the breakout. This reaffirmation gives credence to the bullish pattern and enhances more upward progression. The technical forecasts target the range of $0.41 to $0.42, which implies a possible rally of more than 70 percent above the breakout level. This target is the result of the broadest part of the wedge being measured and transferred to the breakout.
Short-Term Momentum Supported by Increased Buy Volume
A separate 5-minute chart for CELO/USDT on Binance provides supporting evidence of recent bullish momentum. The diagram shows a consolidation phase that lasted until around 03:00 UTC. After that, CELO began an upward move that peaked at $0.296 before a minor pullback to $0.292.
The volume of buying heavily outnumbered the volume of selling on this move. The peak of net buy volume was 315,612 CELO, whereas the peak of net sell volume was -109,617. This volume imbalance is an indication of heavy buying interest. Any longer-term price above the new support zone can help keep up the upward drive over the near term.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
