Market Overview: Celo/Tether (CELOUSDT) 24-Hour Price Action

• Price broke out of a consolidation pattern in late evening hours, reaching a 24-hour high of $0.3383 before retreating.
• Volume spiked during the breakout at midnight, confirming directional momentum.
• RSI indicates overbought conditions, suggesting a potential pullback.
• Bollinger Bands show moderate volatility with price near the upper band.
• Key support at $0.328 appears intact, with potential for retesting in the next 24 hours.

Celo/Tether (CELOUSDT) opened at $0.3262 on 2025-09-13 at 12:00 ET and reached a high of $0.3383 by 00:00 ET on 2025-09-14, before closing at $0.3262 at 12:00 ET. Total volume traded over the 24-hour period was approximately 1.74 million, and notional turnover was roughly $567,000. A breakout in the late evening was followed by a pullback, suggesting mixed short-term sentiment.

Structure & Formations

The CELO/USDT pair spent much of the day consolidating within a $0.324–$0.328 range before a strong breakout in the late evening session. A 15-minute bullish engulfing pattern formed at 23:30 ET, confirming a shift in sentiment. Resistance levels appear at $0.330, $0.335, and $0.340, while support is currently holding at $0.328 and $0.325. A doji at 06:00 ET suggests indecision early in the morning session, though volume remained supportive of a continuation in the breakout pattern.

Moving Averages

On the 15-minute chart, CELO/USDT has crossed above both the 20-period and 50-period moving averages, indicating a bullish bias in the short term. On the daily chart, the 50-period MA is rising, but the 100-period and 200-period MAs are still slightly bearish, suggesting medium-term uncertainty. A key test for bulls will be whether price can close above the 50-day MA without retracing below the 20-period line.

MACD & RSI

The MACD histogram turned positive during the breakout, confirming a shift in momentum, while the RSI hit an overbought reading above 70 at one point. This suggests a potential retracement could be imminent, especially if volume begins to wane. RSI remains elevated but has started to roll over, signaling caution for near-term continuation of the upward move.

Bollinger Bands

Volatility increased significantly during the breakout phase, pushing CELO/USDT to the upper Bollinger Band. This indicates a period of expansion, with traders potentially entering long positions during consolidation. Price is now retracing slightly within the bands, which may suggest a temporary pause in momentum.

Volume & Turnover

Volume surged during the breakout at midnight, with a 15-minute candle showing nearly 216,000 contracts traded — a sharp increase from earlier in the evening. This confirmed the move higher was backed by strong conviction. However, turnover has since dropped, with volume on recent candles suggesting a reduction in aggressive buying activity. A divergence between rising price and declining volume could signal weakening momentum.

Fibonacci Retracements

On the 15-minute chart, CELO/USDT has retested the 38.2% retracement level from the $0.3383 high, currently near $0.328. The 61.8% level is at $0.324, which has been a strong support area over the past 24 hours. If the recent upward move fails to hold above the 38.2% level, further downward movement toward 61.8% could be expected.

Backtest Hypothesis

Applying a breakout and retracement-based strategy using the identified 15-minute bullish engulfing pattern and Bollinger Band expansion appears promising. A backtest could look to buy on confirmation of a breakout above the upper band with a stop below the breakout candle’s low, while using the 38.2% Fibonacci level as a target. This setup could be tested for its efficacy in volatile crypto markets, particularly with volume spikes serving as confirmation filters.