Celousdt trading idea

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CELOUSDT initially broke out bullish from a falling wedge but faced strong rejection at the critical $1.67 resistance level, triggering a significant sell-off that retraced the entire breakout move.

Price has now retested the initial bottom, positioning the market for a potential double-bottom formation, contingent on the $0.3352 support holding firm. If confirmed, the projected upside target extends towards the $4 region, aligning with key structural levels.

However, a breakdown below this crucial support would invalidate the bullish scenario, exposing the asset to deeper losses and amplifying downside risks.

Market reaction at this zone will dictate the next major move.

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Price continues holding within a potential falling wedge structures, our attention should be on the range breakout.