Celo Is up 4.15% – Time to Buy CELO?

Jimmy Aki
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  • Flowcarbon Partners Celo to Develop Open On-chain Carbon Market Infrastructure: Time to Buy CELO?
  • cLabs and eCurrency will Collaborate to Integrate CBDCs with DeFi.
  • Uniswap Deployed on Celo for Greener DeFi

After a fair rally, the global cryptocurrency market capitalisation is up more than 2% from the previous day. Also, Celo has had a 4.15% bullish trend in the last 24 hours. This increase presents an opportunity to buy CELO and ride the bullish market wave.

Celo is a blockchain ecosystem that encourages the acceptance of crypto among smartphone users. The blockchain intends to introduce crypto to billions of smartphone users, even those without bank accounts, by using phone numbers as public keys. As part of decentralised finance (DeFi), the network also enables the construction of smart contracts and decentralised apps (DApps).

Flowcarbon Partners Celo to Develop Open On-Chain Carbon Market Infrastructure

The Celo Foundation and Flowcarbon announced the launch of a carbon-market ecosystem that will allow carbon credits to be traded on the Celo network in the form of Flowcarbon’s Goddess Nature Token (GNT). Flowcarbon is a pioneer in climate technology, developing on-chain carbon market infrastructure and bringing green energy to the blockchain.

This partnership includes the purchase of at least $10 million in GNT by the Climate Collective and the Celo Foundation. The GNT is presently on presale. Also, the introduction of Flowcarbon on Celo will create the first on-chain liquid market for carbon credits. This on-chain liquid market will make carbon offsetting more accessible and transparent.

Additionally, this collaboration will help to kickstart Celo’s nascent regenerative finance (ReFi) ecosystem by leveraging Flowcarbon’s infrastructure to create demand for environmental assets and lay the groundwork for an on-chain carbon market.

The inclusion of GNT to Celo will help establish consistent pricing for carbon credits on the blockchain and build the groundwork for an on-chain market with other ecosystem partners.

cLabs and eCurrency will Collaborate to Integrate CBDCs with DeFi

Last month, cLabs announced that it would collaborate with eCurrency, a technology company that helps central banks create digital currencies (CBDC). cLabs is a member of the Alliance for Prosperity and a contributor to the Celo community.

Central banks who are testing or establishing Central Bank Digital Currencies (CBDCs) will be able to leverage the Celo blockchain to provide end customers with access to decentralised finance (DeFi) products.

Central banks can mint and issue CBDC instruments to financial intermediaries using eCurrency while remaining compliant with existing legal frameworks. For central banks to create and distribute CBDCs safely and efficiently, the Dublin-based startup uses digital symmetric cryptography technology.

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Uniswap V3 Deployed on Celo for Greener DeFi

Uniswap, a prominent DeFi exchange, has been deployed on Celo, a carbon-neutral Proof-of-Stake blockchain.

Celo’s energy efficiency was one of the key drivers for this integration. Also, Celo is a carbon-neutral Proof-of-Stake blockchain with an offset fund. DeFi exchange Uniswap aims to take advantage of this by creating “green asset liquidity pools” using tokenised carbon credits.

Also, due to this integration, Celo will be able to rebalance its reserve with green assets without relying on centralised exchanges.

The proposal will provide $10 million in financial incentives to Uniswap users, supported by grants from the Celo Foundation. Celo’s mobile-first strategy will also assist Uniswap in reaching out to the world’s 6 billion smartphone consumers.

CELO Technical Analysis

At press time, CELO trades at $1.48, an uptrend of 4.15% in the last 24 hours. However, the digital asset has seen a 37.5% slump in the last month. Are you looking to invest in cryptocurrency? This price peg presents an ideal opportunity to buy CELO and rise with the market.

CELO Price Chart - Buy CELOCelo is currently bullish. The digital asset is trading below the 78.6% Fibonacci retracement level of $1.48. This indicator could pose a resistance level for the crypto asset in the short term. However, a bullish rebound might see CELO break above the current resistance indicator of $1.48 before the month’s end.

CELO’s Relative Strength Index (RSI) is 65.04. This value indicates that the digital asset is in the underbought zone. Hence, this provides a good opportunity for investors who want to buy cryptocurrency to buy CELO and rise with the broader crypto market.

Presently, the digital asset is trading above the 50-hour Simple Moving Average (SMA) indicator of $1.47. This value further indicates that the cryptocurrency is bullish.

The crypto asset’s moving average convergence and divergence (MACD) value also exhibits a buy signal.

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About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.