Celo Price Up 29% – Time to Buy Celo Coin?

The CELO price has been on a significant upsurge this week, making it one of the best performing cryptocurrencies in the market this week. Even with other assets witnessing a correction, the CELO price has maintained its rise.

Celo: Optimizing Mobile Payments Around the World

Celo is a growing blockchain-based platform that acts as a global crypto payment infrastructure that targets mobile users. The platform aims to boost financial inclusion and simplify transactions, allowing anyone to make payments from their phones and send money across borders.

Besides helping you make transactions with your mobile phone, Celo also supports decentralised applications (dApps). It used its native token – CELO – to process gas fees on its network and offer users the opportunity to vote and participate in governance. Earlier, Celo users voted on a proposal to offset carbon, which made Celo one of the first carbon-neutral proof of stake chains.

CELO’s price is connected to CUSD – a stablecoin based on the Celo blockchain. CUSD’s price is balanced with CELO, ensuring that the stablecoin’s price is kept at $1. This balance also means that the CELO price will move up and down based on the number of Celo users and the blockchain’s transaction volumes.

Celo is appealing to users because of its ability to reach more users and make transactions much easier. Investors can also make investments if the CELO price shows enough promise or believe that Celo could power payment infrastructures through mobile phones.

CELO: Price Movements in 2021

The CELO price has had a pretty mixed year so far. After starting the year trading at $2.18 per token, the CELO price moved through successive highs and hit an all-time high of $7.25 on April 21. The asset remained above the $5 lineup until May, when the downturn hit.

May’s downturn caught CELO trading at $6.72 on May 18. In five days, the CELO price dropped by 69.5 percent from its all-time high and hit $2.20. That wasn’t all, however – CELO hit another low of $1.65 on June 23, erasing 2021’s gains.

However, in the recent weeks, the CELO price has done pretty well. The asset moved up following its bottom in June, and it hit $2.46 last month.

Since July, however, CELO has moved even more. The asset’s one-month chart shows a 58.5 percent jump to hit a current price of $3.90.

The CELO price is currently up 29.58 percent in the past day and 25.22 percent in the past week.

CELO: Technical and Fundamental Analysis

CELO is doing pretty well on the technical front. The asset’s price is trading well above its 20-day moving average (MA) of $3.15, and it crossed its 200-day MA of $3.71. That should set it up for even more gains in the future.

The asset also has a relative strength index (RSI) of 71.90, showing that investors have rushed to buy it. Considering that CELO’s RSI was just 61.42 yesterday, the asset appears to have gotten a great deal of interest from investors following its impressive 24-hour performance.

On the fundamentals front, Celo is still working on broader adoption plays. In June, the popular Opera browser announced that it would support CUSD. The browser touted the move, saying that it would enable greater payment flexibility worldwide.

Also, Deutsche Telekom – Europe’s largest telecoms company by revenue – announced this month that it would store its CELO tokens on Coinbase Custody.

In April, Deutsche Telekom invested in Europe and became the first telecoms company to join the Celo Alliance for Prosperity. Besides its “significant purchase” of tokens, T-Systems MMS – a subsidiary of Deutsche Telekom – will also become a validator on the Celo network.

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