CELO is setting standards

Hypothesis

With a huge bullish surge and a slowdown in bearish momentum, the team has spotted a hot potential opportunity to take a short to mid-term swing from a very strong level of interest where, historically, the market has favoured this price point. Let's break down the technical analysis alongside recent intraday and intraweek signs of demand.

Technical analysis

A few things caught our eye for this position.

Off the back of that, we've seen the Level of Interest (LOI) be well respected recently. The market has consolidated along it, and as attention comes back around and there is more room for capital to be deployed across the alts, we may see assets like this viewed as undervalued and take the opportunity alongside key technical factors.

The LOI has been so well respected; it's a well-used level in this asset's history from a supply and demand perspective.

So, with this overall conviction, we are confident to bid here with a two-scenario play for upside.

Play for traders

Scenario 1: Get in at market price off the back of some strong intraday/intraweek closures. There's less ROI, but you're in the trade. Scenario 2: Allow a retracement to the LOI with a limit order.

Risk and reward

We're looking for a minimum of a 3:1 return.

For your information, as long as we follow this minimum with our trades, you only have to win 25% of the time to break even if you follow the same risk allocation. We're going to be strict on this now, guys.

Stop loss:

• $0.6050 S/L

Take profit:

• TP 1: $1.2750
• TP 2: $1.8152

Play for investors

This is an eye-catching position from an investor's point of view.

The performance leading up to the overall market sell-off was very bullish and positive.

Now, we are into a deep retracement, respecting key levels, which could be nice for a short-term play.

Cryptonary's take

The team is growing, and so is the work.

Two analysts collaborated to provide this high-conviction setup here on CELO.

Risk sensibly, stay calculated, and follow the plan.