Coin Edition -
- CELO surges 41.1% in 24 hours, showing strong investor confidence and bullish momentum.
- The recent surge could be linked to its joint effort with Tether to introduce USDT on the Celo network.
- Technical indicators on CELO’s price chart, like EMA and MACD, indicate a continued bullish trend.
In a notable market action, the price of Celo (CELO) has increased by 41.1% in the past 24 hours, showcasing the firm belief of investors and the market enthusiasm. Nonetheless, the latest information indicates that CELO, despite hitting a barrier at the intra-day peak price of $1.84, is still bullish at the current trading price of $1.63.
This remarkable increase follows a period of consolidation where the token found robust support at $1.14, setting the stage for its current upward trajectory. Market analysts now speculate that CELO could surpass the $1.84 resistance level in the near future amidst growing optimism around the token’s prospects.
CELO/USD 24-hour price chart (Source: Coinstats)
This rally has not only pushed CELO’s price upwards but also significantly boosted its market capitalization by 41.66%, reaching $867,452,596. Additionally, the trading volume for CELO has exploded, increasing by over 2,655.35% in the last 24 hours to $1,018,286,800. This dramatic rise in trading volume underscores a heightened interest in CELO among investors and traders alike, reflecting positive market sentiment toward the token’s future.
Strategic Alliance Fuels Optimism
The recent surge in CELO’s value could be directly linked to its joint effort with Tether, the leading stablecoin operator, to introduce USDT on the Celo network. This teamwork aims to merge USDT’s reliability with Celo’s efficiency, an Ethereum Virtual Machine (EVM)-compatible layer 1 network known for fast and cost-effective payments.