- The CELO token price creates a new all-time high of $10.66.
- The toke price may soon retest the previous ATH level.
- The CELO/BTC token pair is trading at 0.0001479 BTC, with an intraday growth of +67.21%.
Celo token price broke above all the known key resistance levels with a long bullish engulfing candle by the demand found near the $4 level. The price jump of more than 90% resulted in the new all-time high of $10.66.
The price jump drives all the EMAs higher, increasing the possibility of a bullish crossover between 200 and 100 days EMA and a golden bullish crossover. In addition, the volume (5.982M) is significantly higher than the 20-day MA (883.86K), indicating the rise in buying pressure.
CELO token price is presently trading at the $7.35 mark with growth in intraday trading volume of more than 1800%. In addition, the market cap of the token has increased by 68% in the past 24 hours, making it the 64th largest crypto asset in the world.
The $100 Million Defi Initiative
Celo, a relatively recent blockchain project, aims to make cryptocurrency tools available to everyone with a smartphone. However, it primarily targeted people who have difficulty accessing their bank accounts.
Celo announced $100 million in funding for education, grants, and token rewards from major Ethereum Decentralized Finance (DeFi) protocols today. Also, DeFi is an initiative that “aims to make DeFi available to the 6 billion worldwide smartphone users.”
Aave and Curve are the founding members of this initiative. In addition, chainlink, RabbitHole, Wrapped.com, and The Graph have also signed up as “educational and infrastructure partners”.
The protocols have collectively committed $100 million to start funds. They also plan to raise half of the funds required for incentive programs.
PoolTogether already has Celo integration and offers $500,000 in prize money. It’s an “everybody wins” lottery on Ethereum. Participants pool their money in an interest-bearing vehicle, with the winner receiving the rewards and everyone else getting refunded.
4-Hour Technical Chart Of CELO Coin Price
As per the pivot points, post-retest, the price could find it challenging to rise above the $8.8 or $10 mark if the bullish momentum exhausts. Additionally, the critical support levels are at the $6.5 and $5.5 mark.
The RSi spikes into an oversold area, indicating the jump in underlying bullish sentiments.
The ADX lines are also spiking, projecting the boost in trend momentum.
Overall, the ADX and RSI indicators project the bullish trend momentum is strong.
Conclusion – Investors with bullish intentions hoping to ride the bullish trend in CELO token price may want to until the price retests the previous ATH. However, one can place a small entry at current prices per one’s risk appetite.
Support– $6.5 and $5.5
Resistance– $8.8 and $10.