Celo Price Up By 8% – Time To Buy CELO?
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Blockchain-powered cryptocurrencies are meant to create financial inclusion for the unbanked across the globe. To this end, several crypto protocols have come forward with solutions.
One of the blockchain projects working to ensure wider adoption of cryptocurrencies by simplifying the payment process is the Celo blockchain. By allowing anyone to access cryptocurrencies with just their mobile number, Celo is a top crypto project. Could this be a good reason to buy CELO?
CELO: Enabling Crypto Adoption Through Mobile
While most crypto protocols focus on the blockchain trilemma of security, scalability, and interoperability, the Celo protocol wants to make it very easy for almost anyone on the planet to use cryptocurrencies.
How does it plan to do this? With the single most abundant technological resource in the world; smartphones. A World Bank survey showed that over 5 billion people have access to mobile phones while only 1.2 billion can access normal banking services.
The Celo platform understands the ubiquitousness of mobile phones and wants to use this medium to enable more financial inclusion. Instead of the traditional complex, long strings of letters and numbers as blockchain addresses, Celo users can easily send and receive crypto assets with just their phone number.
Aside from enabling crypto adoption through mobile numbers, the proof-of-stake (PoS) consensus protocol also supports the creation of smart contracts for decentralized applications (dapps) as part of decentralized finance (DeFi) and trustless transactions.
The platform uses the CELO token for its network gas power fees and its governing protocol votes.
Aside from a PoS algorithm, the Celo blockchain also incorporates the EigenTrust, which is useful in measuring the financial reputation of a Celo user. The EigenTrust does this by calculating the number of user’s accounts that trust them by their reputation score.
The Celo blockchain also has a stablecoin offering called the Celo USD (cUSD), through which users can hedge against volatility.
Due to the relative ease of using the platform, one of the founders reportedly said that the Celo blockchain is the ‘WhatsApp for money.’
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CELO: Steadying After A Tumultuous Week
CELO ranks 84th with $824 million in market cap in terms of the most valuable cryptocurrency chart. Its fully diluted market cap is up 16.99%, currently at $3 billion.
Currently trading at $3.10, CELO is up 6.08% on the daily trading chart. This rally is a reflection of growing market confidence, indicating that more investors want to buy CELO.
With top crypto asset Bitcoin finding its feet since July, alternative currencies (altcoins) like CELO have benefited, with many posting remarkable gains.
However, the CELO token has not always been bullish. Coming into the year at a little over $1, the CELO token rose to a record $6.1355 on April 24. It soon dipped and traded at $4.34 on May 13. However, the CELO token was not done yet and surged again near its record figure and plateaued at $6.05 in May before market pressures set in.
CELO has been trying to make a comeback since but has always stopped at the $4.35 resistance level for much of June. In July, it traded as low as $2.917 and as high as $3.44. This continued price swing indicates that CELO is trying to make a rebound, which may happen anytime soon.
CELO Technical And Fundamental Analysis
On the trading chart, CELO is trading slightly below the 20-day moving average (MA) support price of $3.14, indicating a bearish trend. However, this may change, given that the crypto market is on the path to recovery.
Its relative strength index (RSI) currently stands at 51.45, indicating that it is above the oversold level and below the overbought margin.
Market analysts are also bullish on the ERC-20 token, with Wallet Investor predicting that CELO will trade $5.085. The analyst puts its five-year forecast at $13.526.
Celo blockchain has recently partnered with web-browsing platform Opera. This will see the Opera platform allow users to hold CELO, cUSD, and cEUR stablecoins in its Crypto Wallet.
With Opera being a major browser, users will make purchases, trade, complete peer-to-peer remittances easily on the browsing platform.
Popular crypto-focused bank Anchorage is also adding support for the cEUR stablecoin on its platform.
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