Celo/Tether (CELOUSDT) Market Overview

Summary
• Price action on CELOUSDT showed a 24-hour range between $0.2393 and $0.2481.
• Momentum weakened after hitting intraday highs, with RSI hovering near neutral.
• Volatility increased in the afternoon, with Bollinger Bands widening and volume surging.
• A bearish engulfing pattern appeared near the 24-hour high, signaling possible reversal.
• Notional turnover reached $339,583.3, with early morning and late afternoon spikes.

The Celo/Tether (CELOUSDT) pair opened at $0.2423 on 2025-11-08 12:00 ET and reached an intraday high of $0.2481 before closing at $0.2404 by 12:00 ET on 2025-11-09. The 24-hour range was $0.2393–$0.2481 with total volume of 3,395,833.3 and notional turnover of $339,583.3. Price action appears to reflect a tug-of-war between buyers and sellers, with a notable bearish reversal at key resistance.

Structure & Formations

Price found strong resistance between $0.2471–$0.2481 and tested it multiple times, failing to close above. A bearish engulfing pattern emerged near $0.2471–$0.2466 after an earlier bullish rally. A small doji formed at $0.2472–$0.2472, signaling indecision. Support appears to be forming at $0.2403–$0.2408 with several candle closes clustering around this level.

Moving Averages

On the 15-minute chart, price moved above the 20-period but remained below the 50-period moving average, indicating a mixed short-term bias. On the daily chart, CELOUSDT is below the 200-period, suggesting medium-term bearish pressure. The 50 and 100-period lines are closely aligned, reinforcing a potential consolidation phase.

MACD & RSI

The MACD line crossed below the signal line in the late afternoon, suggesting weakening momentum. RSI fluctuated between 45–60, remaining in neutral territory, and showing no signs of overbought or oversold conditions. This implies that the market is in a tug-of-war with no clear breakout expected in the short term.

Bollinger Bands

Volatility expanded significantly after 17:00 ET on 2025-11-08, with the upper band reaching $0.2481 and the lower band dipping to $0.2405. Price has since moved closer to the middle band, indicating a possible retracement phase. The widening bands suggest heightened uncertainty and could signal either a breakout or a reversal.

Volume & Turnover

Volume spiked during the late afternoon and early evening of 2025-11-08, particularly between 17:00–19:00 ET, coinciding with the price reaching intraday highs. This volume divergence between price and volume—where price surged but volume dropped—suggests a potential bearish reversal. Notional turnover followed a similar pattern, with the largest single 15-minute turnover of $19,583.3 occurring at 14:30 ET.

Fibonacci Retracements

Key Fibonacci levels derived from the swing high of $0.2481 and the swing low of $0.2393 include 38.2% at $0.2446, 50% at $0.2437, and 61.8% at $0.2428. Price appears to have stalled near the 50% and 61.8% levels, with a potential test of the $0.2403 support likely next.

Backtest Hypothesis

The technical analysis points to a potential trade setup that could be validated using an RSI-based strategy. A long entry might be triggered if RSI dips below 30, indicating oversold conditions, or a short entry if it rises above 70, suggesting overbought conditions. However, due to the current neutral RSI, no clear signal is present at this time. If historical RSI data is accessible, the strategy can be backtested to assess its performance and refine entry rules accordingly.