CELO resumed a bearish momentum on Wednesday, as the cryptocurrency erased most of the gains it accrued in April.

The payments cryptocurrency fell below the $4.000 psychological level a few hours ago, after a sharp rejection from the $5.218 peak, its highest point since January 14. In a way, this correction was a much-needed one following the 62% parabolic rally recorded between April 1 and 3.

That said, I foresee a bearish slowdown at the $3.850 figure as trading conditions enter oversold territories on the 4-hour stochastic indicator. As such, we should see a return to the $4.000 psychological level in the coming hours, followed by a drawn-out consolidation around that line and an eventual rebound over the coming days.

Meanwhile, my resistance levels are at $.4.000, $4.500, and $5.000, and my support levels are at $3.500, $3.000, and $2,500.

Total Market Capitalization: $2.01 trillion

Celo Market Capitalization: $1.6 billion

Celo Dominance: 0.08%

Market Rank: #64