Celo Price Up by 33.4% – Time To CELO Coin?
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The crypto market is trading in the green with the industry up 1.01% with a market value of $1.94 trillion. Mobile-first crypto protocol Celo has been on a tear in the last 24 hours, rallying 33.4% as the bulls look to turn the market in their favour. With benchmark cryptocurrency Bitcoin, also signalling a market recovery, several investors want to buy CELO before the value surges further.
This article examines the payments protocol’s recent price movements. Would the bulls continue to hold sway? Let’s find out
Celo: Bridging The Unbanked Gap With Blockchain
The ratio of financial inclusiveness to smartphone penetration is wide with more than 40% of the global population not having access to basic financial services. In war-torn and impoverished nations, this disparity is even more appalling as more than 70% of citizens still deal in cash transactions hindering the transition to cashless forms of payments.
However, mobile penetration has been at an all-time high as every 1 in 5 people has access to an internet-enabled smartphone. The Celo blockchain aims to leverage this mobile inclusiveness by making it possible for anyone to send, receive, and make payments from their mobile phones.
The crypto protocol dubs itself a mobile-first decentralized finance (DeFi) platform for fast, stable, and secure payments transmission. Through mobile phones, anyone can spend and earn without any limiting requirements. The protocol has been described by an early founder as the ‘WhatsApp of money.’
The Celo blockchain also enables the creation of decentralized applications (dapps) through its proof-of-stake (PoS), EVM-compatible, open-source blockchain. Development teams can easily and quickly build and deploy smart contracts on the Celo blockchain.
Like several PoS protocols, the network’s CELO token is used for network fees and governance-related activities.
CELO: Breaking Through The Bearish Trend
In terms of market valuation, CELO ranks 57th with a 24-hour market cap of $2.1 billion, up 27.34% in the last 24 hours.
Meanwhile, the smartphone-focused has been one of the best-performing assets in a year spiced with Bitcoin rallies. CELO has grown 91.4% year-to-date (YTD), rallying from the opening trade of $1.48 on Jan.1 to an astronomical value of $9.82 on August 30, 2021.
However, like most virtual assets, CELO price action has been tied to Bitcoin price movements. The digital asset has dipped 27.5% from its August high and traded at an average of $5 in the last two weeks.
Today’s rally shows that the CELO token is set for a major upsurge and the virtual currency is up 33.4% in the last 24 hours with a price peg of $7.04. With BTC finding support at the $42K mark, the crypto market is set for a major recovery and this might be an ideal opportunity to buy CELO.
CELO Technical and Fundamental Analysis
On the trading chart, CELO is signalling a bullish streak and trades above the 20-day moving average (MA) price of $5.2. The virtual asset’s relative strength index (RSI) further confirms the bullish potential as the oscillator currently stands at 69.49. This high market demand for the token shows that more investors want to buy CELO.
The Celo blockchain has also been making strategic moves to further its financial inclusivity programme. In a recent partnership, the phone-focused blockchain protocol collaborated with top Ethereum-based DeFi protocols in a venture named “DeFi for the People.” This saw the likes of Aave, SushiSwap, Curve, 0x, and PoolTogether earmarked for the project.
The initiative which will be hosted on the Celo blockchain will see $100 million in educational resources and grants disbursed to educate people on the benefits of DeFi.
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