Celo Price is Up by 3.89% – 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.
Investors are again drawn to possibly buy CELO as the coin shows strong signs out of the gate. The CELO price is outperforming the broader crypto market, which means that more people will consider adding it to their portfolios.
Before you make such an investment decision, it’s important to understand CELO and what it aims to solve. Below, we’ll dive into all the details, so you get a better view of the coin.
Celo Network: Merging Blockchain With Mobile Payments
One of the primary points to consider when buying a cryptocurrency is its use case. In that regard, CELO is quite clear.
CELO is the native token for Celo – a blockchain platform that looks to combine blockchain and mobile technology to facilitate quick and seamless payments. Many people have smartphones and use payment processors like Square and PayPal to send money to their friends. However, these platforms are highly centralized and can easily pose restrictions on their users.
Celo was founded on the principle that people should make easy and quick payments using their mobile phones. The platform uses your phone number as your public key, thus making it easy to send money to the people on your contact list.
The Celo Network relies on three types of contributors to run its platform. There are Light Clients, which are apps running on clients’ devices. There are Validator Nodes, which are computers that participate in Celo’s consensus mechanism. Then, there are Full Nodes, which bridge the light clients and the validator nodes.
CELO ties everything in the Celo ecosystem together. It is used to send and receive value, and users can buy CELO to make payments on the network. CELO is also the governance token for the platform. People can buy CELO to vote on different upgrades – including adding full and validator nodes.
CELO: Coin Market Position
CELO has had a pretty good year, starting 2021 at $1.58 and rising as high as $7.37 before the downturn hit. Following the downturn, there wasn’t much of an incentive to buy CELO. The coin’s price dipped as low as $2.18, but CELO bottomed out at $1.63 on June 22.
August was the real catalyst for CELO’s jump, with the coin rising by 126.9 percent since then. The asset’s price is currently $6.34 – a jump of 3.89 percent in the past 24 hours and 6.34 percent in the past week.
CELO is currently the 58th most valuable cryptocurrency in the world, according to CoinMarketCap. The asset has a market cap of $1.93 billion, which is a jump of 1.2 percent in the past day. The asset’s 24-hour trading volume is $300.6 million, down 10 percent in the past day. Its circulating supply stands at 306.8 million CELO.
CELO: Coin Price Analysis
CELO is looking quite strong on the technical front. The asset is trading above most of its moving average (MA) indicators, although its 10-day MA of $6.40 has now surpassed it. A day of good returns should see CELO surpass that mark once more.
CELO also has a strong moving average convergence divergence (MACD). The metric is still positive, so you get a strong buy signal on that front. CELO’s relative strength index (RSI) stands at 57.64, showing that the coin is still very much underbought – especially for a cryptocurrency on the rise.
It is worth noting that CELO’s RSI has been dropping for three days now. This suggests that more investors are selling the coin for now – a nod to the broader market’s bearish run. But, this shouldn’t dissuade you. The market is gradually getting back into the greens, and days of a similar performance will see investors buy CELO again. This is a good point to buy.
As for fundamentals, there isn’t much to say about Celo. The network has been growing since last month when it announced a $100 million “DeFi for the People” campaign with several leading decentralized finance (DeFi) protocols – including Aave and SushiSwap. The funds will go towards DeFi education worldwide.
Last week, the network partnered with Mysten Labs – a blockchain development firm – to increase transaction speeds on its blockchain and incorporate Move smart contracts, the programming language built for Facebook’s Diem stablecoin.
Buy CELO at eToro from just $50 Now!
