The cryptocurrency market is off to a quiet start in the week with most digital assets rangebound. Amid this, Celo, a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users rallied to all-time highs of $11.14, gaining nearly 180%. At the time of writing, CELO was trading at $7.234 with a market cap of $1.97 billion and $1.15 billion in traded volume over 24 hours. A consortium of leading Ethereum DeFi projects announced ”DeFi for the People”, an initiative to bring Decentralized finance to 6 billion smartphone users. Built on Celo, the new initiative counts Aave, Curve, Sushi, PoolTogether, 0x, UMA, Valora, Ubeswap, and Moola Market among its founding partners. Education and infrastructure partners include Chainlink, RabbitHole, The Graph, and Wrapped.com. This new program will offer more than $100 million in educational initiatives, grants, and incentives.
Key Levels
Resistance Levels: $12.00, $10.00, $8.00
Support Levels: $4.04, $3.16, $2.50
CELO/USD Daily ChartCELO came under renewed buying interest, climbing above the MA 200 at $3.75 following the rebound off the $2.81 (MA 50) support on Aug. 26. CELO price then followed a strong bullish path exploding from lows of $3.98 to a new all-time high of $11.14 on Aug. 30. The RSI is heading up into the overbought territory while supporting the upside movement. The latter increases the odds of a downside correction.
If sellers manage to drive the CELO/USD pair below the current price at $7.22, the $5.15 barrier may provide some footing. In the event selling interest persists, the key support region of $3.75 and the $2.98 level, coinciding with the MA 200 and 50 respectively, could halt the declines. Alternatively, If the price jumps above the all-time high, the expectation is a move into uncharted paths. The upside rally could then pause at the psychological levels such as $13 and $15.
CELO/USD 4-Hour ChartAs seen on the 4-hour chart, CELO is retreating from the record high of $11.14, which was reached earlier today. The RSI is mimicking the price action, following the pullback from the overbought territory. If the price falls further, it could touch the $5.11 barrier before heading south towards the moving averages (MA) 50 and 200 currently at $3.86 and $3.16.
Otherwise, CELO price is currently consolidating gains and it seems like it could make another attempt at the all-time highs of $11.14. If the bulls succeed, the price could then rally towards the $15 and $20 levels. To summarize, CELO’s outlook remains bullish although the chances of a near-term correction can not be overruled. If traders sink beneath the price below the $5.15 level, the outlook could shift to neutral.
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