Market Overview for Celo/Tether (CELOUSDT) - 2025-10-08

• Price declined from 0.395 to 0.385, indicating bearish momentum.
• Volatility increased mid-day, followed by a partial recovery toward 0.395.
• Key support tested at 0.384–0.386, with resistance forming at 0.392–0.395.
• High volume consolidation at 0.385–0.392 suggests short-term equilibrium.
• RSI and MACD show weakening bullish momentum and oversold conditions near the close.

Celo/Tether (CELOUSDT) opened at 0.395 on October 7 at 12:00 ET, reached a high of 0.4086, and closed at 0.3946 at 12:00 ET on October 8. The 24-hour trading session saw a low of 0.3737, with total volume of ~8.6 million CELO and turnover of approximately $3.4 million.

The price formed a bearish trend throughout the session, with a brief reversal attempt in the early morning hours. A large bullish reversal candle emerged after 00:00 ET, followed by consolidation between 0.385–0.395. A key support level appears at 0.384–0.386, with a 61.8% Fibonacci retracement aligning closely with this range. Resistance levels at 0.392–0.395 and 0.398–0.401 are likely to be retested over the next 24 hours. A notable bearish engulfing pattern formed at 0.3948–0.3892, indicating potential for further downside unless buyers step in at the 0.384 level.

The 15-minute chart shows a contraction in Bollinger Bands during the mid-session low, followed by a volatility expansion as buyers entered. The 20-period and 50-period moving averages both trended downward, with the price below both. The MACD line crossed below the signal line in the afternoon, confirming the bearish bias. RSI moved into oversold territory in the latter part of the session, reaching ~30 at the close, but failed to form a bullish divergence. This suggests that the price may remain under pressure in the short term.

The volume profile suggests that the recent low at 0.384–0.385 was supported by significant buying interest. However, the inability to break above 0.395 in the morning session indicates bearish control over the near-term price action. The price may test 0.381–0.383 (38.2% retracement) before attempting a recovery. A break above 0.395 would rekindle bullish momentum, but a failure to hold above 0.386 could trigger further losses toward 0.374–0.377.

Backtest Hypothesis

A potential backtesting strategy could involve using the 61.8% Fibonacci level (0.384) as a key entry point for a long position, with a stop-loss placed just below 0.380 and a take-profit near 0.395. This setup would aim to capitalize on a potential bounce from oversold RSI conditions and the accumulation volume observed near the recent lows. A short setup could involve a sell entry at the 0.395 resistance level, with a stop above 0.398 and a target at 0.384–0.386. Given the current momentum and consolidation, this strategy may offer a balanced risk-reward profile for short-term traders.