Celo price was turning down after posting an impressive start to the year. The token is up more than 51% year-to-date, reaching a live market cap of $334 million placing it among the top 100 cryptos on CoinMarketCap ranking. At the time of writing, CELO was trading at $0.703, down 5.5% on the day with a 24-hour trading volume of $702 million.
The wider market was also correcting with the global crypto market cap shrinking by 1% to approximately $988 billion. The largest cryptocurrency by market capitalization Bitcoin was also trading in the red at $21,092 after dropping 0.3% over the last 24 hours. The second-placed Ethereum was down 0.8%, Binance Coin 1.8%, and Cardano 3%. The biggest loser among the top-tier cryptos was Dogecoin which had lost 3.48% over the same timeframe.
What Is Celo (CELO) Crypto?
CELO is the native token of the Celo blockchain, a global payment infrastructure for digital assets targeting smartphone users. The network’s objective is to use phone numbers as public keys to introduce the world’s billions of mobile users, including the unbanked, to cryptocurrency transactions.
The network also allows for the creation of smart contracts and decentralized applications (dApps) as part of decentralized finance (DeFi).
The CELO token has been on an upward trajectory since the beginning of the year recording higher highs and higher lows. This impressive performance has been attributed to a January 11 announcement by the developers of the CELO ecosystem that the project was getting a new brand identity. The fresh brand was complete with new logos. According to Celo.org, the organization behind the blockchain project, the new identity will help the company and the Celo community reflect on their objective to help promote Web3 adoption across the world.
The #CeloEvolution is here.
Introducing a reimagined brand and website, co-created with the Celo community, to further the collective mission to create the conditions of prosperity for all.https://t.co/ehf4mDUm0b
— Celo (@CeloOrg) January 11, 2023
The announcement also hinted at the development of new products and partnerships that are expected to take the network close to leading Layer 1 ecosystems such as Ethereum and Solana.
CELO Price Is Primed For A Return To $1.08
CELO is on track for more gains as it seeks to break out of a rounding bottom chart pattern as shown on the daily chart below. The recent rise above the 100-day exponential moving average (EMA) and the 50-day EMA points to a possibility of continued recovery for the altcoin.
At the time of writing, the Celo price was fighting supplier congestion from the technical pattern’s neckline at $0.767. A daily candlestick close above this level could push the token to the key resistance around $0.92, where the 200-day EMA was sitting. This could be where Celo’s upside may be capped for the short term given that the price has been rejected here twice in the recent past.
However, in highly bullish cases, the token may breach this barrier to tag the $1.0 psychological level or the bullish target of the governing chart pattern at $1.08. Such a move would bring the total gains to 52.87%.
CELO/USD Daily Chart
Apart from the bullish chart formation, Celo was trading above strong support provided by the 50-day EMA MA at $0.623, the 100-day EMA at $0.564, and the $0.5 support floor. In addition, the moving average convergence divergence (MACD) indicator was moving upward within the positive region. This suggested that CELO was under the control of buyers.
Moreover, the Directional Momentum Index (DMI) reinforced the bull’s grip on Celo’s price. The negative directional line (-D1) at 6.3 was way below the positive directional (+D1) line at 44, suggesting that the uptrend was very strong.
On the flip side, the bullish thesis for the Celo price may be invalidated if a daily candlestick close is achieved below the prevailing chart pattern’s neckline at $0.767. If this happens, the Celo price could retreat to the EMAs below that and in highly bearish cases, drop lower to revisit the December 29 swing low at $0.45. Traders could expect CELO bulls to take a breather here before staging a comeback.
FightOut (FGHT): A Promising Alternative To CVX
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— Fight Out (@FightOut_) January 16, 2023
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