Celo experienced an extraordinary price increase within an hour of Ethereum’s Vitalik Buterin‘s favorable endorsement of the project
It is worth noting that Buterin emphasized in a post this morning the alignment between Celo’s work and Ethereum’s mission to enhance global access to financial services.
His comment was in response to a previous report from Artemis, which confirmed last week that Celo surpassed Tron in stablecoin usage, specifically in daily active addresses.
This occurred six months after Tether disclosed its intention to introduce USDT on Celo. Intriguingly, Tether’s disclosure occurred after Circle’s announcement in January that USDC would be implemented on Celo.
Celo’s price experienced a 19% increase within an hour, propelling it to a three-month high of $0.6552, before encountering rejection due to Buterin’s most recent support. Nevertheless, the hourly candle closed with a 13% increase.
Celo has experienced a 15% increase in the past 24 hours and is currently trading at $0.6119 at the time of writing. At present, its weekly gains are at 34.45%, which has resulted in a $338.9 million increase in market capitalization. Celo’s daily trading volume has also increased by 511% to $99 million.
Celo is trading above the Ichimoku Cloud, a classic bullish trend indicator. The Ichimoku Cloud’s conversion line (Tenkan-sen) is currently at $0.5455, which serves as a critical short-term support level.
In the interim, the Kijun-sen (baseline) has increased to $0.5225. The ongoing bullish momentum is indicated by the current price of $0.5339, which is above these levels, mainly because the lagging span A (Senkou Span A) also provides upward support.
Nevertheless, the Williams % Range decreased to a negative 19.24. Although this confirms that the bulls have obtained control, it implies that the market is approaching overbought levels but has not yet reached an extreme.
The rejection from the $0.6552 high indicates some selling pressure despite the favorable price action. The Ichimoku Cloud’s support and the resistance surrounding the most recent peak will be the primary levels to monitor.