Celo Sees 42% Gains In Last Week As The Broader Crypto Market
CELO’s price is currently at $0.6101, with a trading volume of $44,775,558. It is currently ranked number 97 on CoinMarketCap. The trading volume has decreased by over 73% in the last 24 hours.
CELO shocked many market observers with a 33.51% price jump on Sunday and had a trading volume of $227,794,699.69. Although the token is still way off its all-time high of $10.68, it has shown signs of recovery.
2022 has been an eventful year in crypto circles, from XRP’s lawsuit with the SEC to the collapse of Celius and FTX. Pessimism has also driven the prices of crypto assets down as the fear factor increases.
CELO coin has defied the odds to go on a rally that has holders hopeful of potential gains. From its historical price movement, it remains to see how far this momentum can hold.
What Is Behind CELO’s Recent Price Upsurge?
CELO’s innovative cryptocurrency system gives the project an edge in the prevailing bearish cryptocurrency market. CELO targets increasing crypto use among smartphone users.
With the number of smartphone users rising daily, it is easy to understand why it is gaining in the market.
The proof of stake mechanism adopted by the project developers also makes it more energy efficient and future-inclined. The current value of the CELO network is directly proportional to efforts from network builders, the fanbase, and investors.
Also, Bitcoin has recently seen a slow and steady increase in its valuation. Judging from history and Bitcoin’s dominance, it affects the prices of other coins.
Macroeconomic factors also have a role to play since investors are more careful with their portfolios. The current economic meltdown in some regions of the world has also lengthened the crypto bear market.
CELO supports rave-of-the-moment projects that include NFTs and Web3 services. Experts insist that these projects will eventually launch CELO to importance.
CELO Possibly Going On A Bullish Run
CELO’s price has rebounded remarkably in the past few days. The price will likely continue on its bullish run for the short term.
CELO is trading slightly below the 200-day Simple Moving Average (SMA), showing a sell signal. It is also below the 50-day SMA and is still a sell signal from the indicator. The RSI value is currently 56.45. It indicates that the price is more likely to go bullish since it is above 40.
The MACD shows a tentative buy signal, with both the MACD and a signal line pointing upwards. The price has moved in a sideways trend, as observed in the candlestick pattern on the chart. It means that while a bullish run is possible, it will likely remain neutral for the time being.
The key levels on the chart are as follows: support: $0.4176, $0.4692, and $0.571559. The resistance levels are $0.7255, $0.7770, and $0.8793.
CELO will likely break through these resistance levels if buyer pressure holds. It also correlates with the price movement of the top ten cryptocurrencies as they experience gains.
Featured image from Pixabay and chart from TradingView.com