Celo Coin Price Up 41% – Time To Buy CELO Coin?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
If you want to buy CELO, then you are in the right place. Even though Celo is not as popular as Bitcoin, it has enjoyed wide adoption due to its growing use case.
This is because the Celo blockchain protocol aims to make cryptocurrencies available for smartphone users. Given the number of mobile phone penetration in the world, Celo is a crypto protocol to watch out for.
In the last 24 hours, Celo has been showing a positive price action even as the wider cryptocurrency market struggles. It has surged to $3.78 increasing more than 40% in the daily chart.
In this article, we will look at if this may be the right time to buy CELO.
Buy Celo Coin at eToro, the World’s #1 trading platform!
Celo: Revolutionizing Crypto Among Smartphone Users
As we stated before, Celo is a blockchain protocol that aims to drive cryptocurrencies adoption among smartphone users. It does this by using cellphone numbers as public keys (wallet addresses) for phone users.
By plying this route, the Celo development team aims to penetrate the billions of smartphone users in the world, including the unbanked masses in developing countries, and enable them to utilize cryptocurrencies for their daily needs.
Celo argues that the number of smartphone users is growing daily while the relative adoption of virtual currencies is growing at a much slower pace.
Aside from just allowing transactions, Celo is useful in developing self-executing lines of codes also known as smart contracts. This way developers can build decentralized applications (dApss) for decentralized finance (DeFi) purposes seamlessly with the Celo blockchain platform. The Celo mainnet launched officially in May 2020.
In ensuring consensus (which is important for blockchain technology), Celo uses a proof-of-stake (PoS) mining algorithm..
In addition, Celo uses a decentralized algorithm called EigenTrust developed by former Google engineer and co-founder Sep Kamvar.
This algorithm measures the reputation of a user, much like a credit score tells a lending firm what a user’s financial reputation is like.
The Celo platform uses a digital token with a similar name CELO for transaction fees, and governance participation. It is also looking to host various stablecoins and currently supports the US dollars (cUSD) and Euro (cEUR) fiat currencies.
What is CELO Coin Price?
If you want to buy CELO, this might just be the right time to do so. At press time, CELO price trades at $3.788 increasing 41.047% in the last 24 hours. However, this is not the best price avtion for the digital token since inception.
Prior to the May crypto market crash, CELO token price surged to $6.05 with a 24 hour trading volume over $342 million.
Even though it tried to retain this price action, the general pull from large-cap crypto assets like Bitcoin and Ethereum saw it lose over 50% of its market value plunging to $2.6643 on May 23.
Meanwhile, it has continued to reflect the general market sentiment reaching an all-time low (ATL) of $1.9284 on June 21st before making a recovery.
CELO token price has continued to rally despite Bitcoin struggling to break above the $32,000 and this might be a good time to buy CELO token.
CELO Technical And Fundamental Analysis
On the trading chart, CELO has strong fundamentals. The digital asset’s relative strength index (RSI) currently stands at 82.48, meaning it is in an overbought status. This means that more investors want to buy CELO token which points to a market correction soon.
Turning to the Wolfpack ID strategy, CELO price is greenish, clearly showing that it is on a bullish trend with the indicator currently at 0.3489. Market Cipher B strategy confirms this bullish forecast with the indicator denoting a ‘green dot’ for a buy trade.
The 20-day moving average support shows us that CELO token price is on an uptrend with the digital token seeing positive price action above the indicator at $3.1317.
Celo blockchain has seen a growing adoption by institutions with popular web browser Opera joining Deutsche Telekom as investors.
According to a press release, Opera browser will be integrating CELO token, cUSD, and cEUR to its latest crypto wallet. This will see millions of Opera users make peer-to-peer remittances with CELO on the Opera crypto wallet.
Buy Celo Coin at eToro, the World’s #1 trading platform!
