- Summary:
- What is the next catalyst for the Celo price? We explain what to expect after the launch of the new fund and FiatConnect.
Celo price has made a strong recovery in the past few days as investors cheer the platform’s growth and incentive program. It soared to a high of $5.21, which was the highest point since January of this year. However, it has pulled back slightly and is trading at $4.22, bringing its market cap to about $1.8 billion.
Celo is a small but fast-growing blockchain platform used mainly by developers who want to build all types of applications. It is an Ethereum Virtual Machine (EVM) compatible platform that has been used to build apps like AirSwap, Valora, Ubeswap, and Mento-Fi, among others. It has helped handle over 110 million transactions, with the average gas fee being $0.001.
Celo is now gearing for more growth with the launch of the Connect the World campaign that will provide about $20 million to developers building in the ecosystem. The goal will be to increase its global presence from the current 23 countries to many more. Also, it hopes to popularize the Celo stablecoins like cEuro and cUSD. At the same time, Celo unveiled FiatConnect, an open-source API for payment providers that makes its integration significantly easier.
Celo seems like a good investment because of the recent growth of its ecosystem, especially its stablecoins. Celo Dollar (cUSD) has a market cap of about $78 million, while Celo Euro (cEUR) is valued at over $41 million. This means that these stablecoins have more room for growth.
Celo price prediction
The Celo price has made a strong recovery in the past few weeks as its price has risen by over 112% from its lowest level this year. The ongoing retreat mirrors the performance of other coins like Bitcoin and Ether. It is also happening after the coin tested the key resistance level at $5.21, which was the highest point on January 13th. It is not uncommon for an asset to retreat after hitting a key resistance point.
Celo is still above the 50-day moving average and the important support level at $4. Therefore, there is a likelihood that its price will rebound in the coming days. But for this to happen, bulls need to push it above this week’s high of $5.21. A move above this level will signal that there are still more buyers to push it to $6. Conversely, a drop below the support at $3.5 will invalidate the bullish view.
