CELOUSDT Market Overview: 24-Hour Candlestick Breakdown

• CELOUSDT declined by 0.18% over 24 hours, with bearish momentum building below key support at $0.248.
• Volume surged during the 08:45–09:00 ET session, signaling potential accumulation.
• RSI and MACD indicate weakening momentum, with RSI near oversold levels but no immediate reversal sign.
• Bollinger Bands constrict into a narrow range, suggesting a potential breakout.
• Fibonacci retracement levels from the 0.2519–0.2436 swing highlight 0.246–0.249 as key near-term pivots.

Price Action and Structure

Celo/Tether (CELOUSDT) opened at $0.2514 on 2025-10-23 at 12:00 ET and closed at $0.2511 on 2025-10-24 at 12:00 ET. Over the 24-hour period, the pair reached a high of $0.2564 and a low of $0.2436. Total traded volume amounted to 3,362,022.9 with notional turnover at approximately $839,351. The price action revealed a gradual consolidation phase, punctuated by bearish momentum in the early part of the session followed by a modest attempt at a rebound later in the day. Notably, the price tested the $0.248 level multiple times but failed to hold it, indicating a potential short-term bearish bias.

Key Support and Resistance Levels

The structure of the candlestick data suggests that the key support levels for CELOUSDT are forming around $0.246 (38.2% Fibonacci retracement) and $0.2436 (swing low). Resistance appears to be forming near $0.248 and $0.2519 (swing high). A critical resistance pivot is located at $0.2512, a level that was tested multiple times and failed to break decisively. The presence of a potential bearish engulfing pattern around 2025-10-24 05:45 ET could signal a shift in sentiment if the price breaks below $0.248.

Moving Averages and Volatility Indicators

On the 15-minute chart, the 20-period and 50-period moving averages indicate a bearish crossover, reinforcing the idea of downward pressure. The price has remained below both averages, suggesting a continuation of the bearish trend in the short term. Meanwhile, the Bollinger Bands have narrowed significantly since mid-morning, indicating a period of low volatility that could precede a breakout. The price is currently positioned near the lower band, which could be interpreted as a sign of oversold conditions and potential buying interest at this level.

Momentum and Overbought/Oversold Conditions

The RSI has dipped below 30, suggesting that CELOUSDT is in oversold territory. However, the divergence between the RSI and the price action implies that the move may not yet be complete. The MACD has been negative throughout most of the session, with the histogram contracting in the last few hours, hinting at a potential pause in the downtrend. The combination of the MACD and RSI suggests that while a bounce is plausible, it may be limited unless the price can reclaim the 0.2519 level.

Volume and Turnover Dynamics

Volume has been relatively consistent throughout the 24-hour period, with a peak at $0.2506–$0.2554 (08:45–09:00 ET), indicating a potential accumulation phase. Notably, the price has been trading in a range with no clear volume spikes at key reversal points, which may suggest a lack of conviction in either direction. A divergence between price and volume could signal a weakening trend, but it remains too early to determine the outcome.

Backtest Hypothesis

A potential backtest strategy could be built around the formation of candlestick patterns such as the Bullish-Engulfing or Bearish-Engulfing patterns. For example, if CELOUSDT breaks below the $0.248 level with a bearish engulfing pattern, it may serve as a sell signal. Conversely, a bullish engulfing pattern forming above $0.2519 could act as a buy signal. The absence of a “Bullish-Engulfing” pattern in the current dataset may indicate that the conditions for a reliable backtest using this strategy are not yet met. Adjusting the pattern definition—such as using “engulf == 1” rather than “is_bullish_engulfing == 1”—could help capture more signals and improve the robustness of the backtest. This would allow for a broader scan of potential entries and exits across the 15-minute timeframe.