CELO Price Forecast: How High Can CELO Go After 19% Rise?

CELO Price Forecast: How High Can CELO Go After 19% Rise?

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Sello price forecast is bullish as it is trading in the green at $0.607. Although CELO is down more than 3% on the day, it is up about 19% over the past week. This follows a strong rally that started on November 21, which saw the token reclaim key support levels. Technical indicators and a highly bullish technical structure point to a massive move for SLOW if the current rally continues.

Celo’s positive element to fuel the move higher

Celo’s rise over the past week has been attributed to a number of positive developments made by the blockchain company. One of the most popular decentralized exchanges (DEX) Curve Finance announced which was deployed at Celo following a partnership between Curve, the Celo Foundation, Stake Capital and Stake DAO.

“Curve is excited to deploy on Celo, [which is] …unique for its mobile-first design with a diverse ecosystem and user base in regions where real-world crypto adoption is highest. Through continued long-term collaboration, we aim to bring decentralized financial tools to the masses, such as introducing innovations through a rewards program that is about to be released through Votemarket by Stake DAO,” said Julian Botolop, who is part of Curve’s core team.

Celo is a carbon-negative, EVM-compliant Layer-1 blockchain that uses a fast and scalable consensus (PoS) mechanism to secure the network. It is built for real-world use such as mutual credit, universal basic income (UBI), payment systems, lending and borrowing, and climate adaptation solutions.

The Layer 1 protocol boasts technical advantages from the ability to pay for transaction fees using ERC-20 tokens to mobile optimization. Also, built on top of Celo is the Mento protocol which provides a number of stable assets to Celo blockchain users (cUSD, cEUR, cREAL), and aims to launch stable assets in any currency in the world.

Celo Foundation head of strategy and innovation Nikhil Raghuveera confirmed the partnership, saying it will improve Celo’s usability. he said:

“Curve brings greater utility to Celo by making it easier for people to use and exchange stable assets for real-world use cases and seamless movement on and off the network. We look forward to deepening our relationship with the Curve ecosystem, including Stake DAO and Stake Capital, Through future benchmark offerings that support a robust, distributed Web3 infrastructure—which is needed now more than ever.”

This collaboration with a tier-1 DEX is an important milestone for the Celo Network as it encourages real-world adoption of crypto-assets as a founding member of Celo’s $100 million “DeFi for the People” initiative.

Curve joins Uniswap v3 on Celo, making the Celo network one of the few Layer 1 protocols in the world providing access to the largest DEXs.

Salo A. also revealed partnership With ConsenSys which allows the first to integrate the Infura infrastructure offered by ConsenSys. This partnership will allow Celo developers to create with Infura, increasing the scalability of the blockchain.

This partnership could drive Celo adoption, resulting in a higher Celo price.

Celo price prediction and technical analysis

CELO dropped about 49.5% from its high of $0.793 and set a swing low of about $0.34, followed by a steady rise to current levels of about $0.507.

This price action led to the formation of a rounded bottom pattern on the eight-hour chart (below). This pattern appears when an asset initially declines towards a low, indicating an oversupply. A reversal to an uptrend occurs when bulls enter the market on a dip, which increases demand for the asset. After completing the round bottom, the asset breaks out to start a massive move up.

In the case of the CELO price, a breakout of the lower circular chart pattern will be confirmed when an eight-hour candlestick close above the price is reached immediately before the initial decline (the neckline) starts – in this case, $0.793.

If that happens, the asset could rise 49.5% from there to reach the bullish target of the prevailing chart pattern around $1.183. This would represent an increase of 93.98% from the current price.

CELO/USD eight hour chart

CELO price table
TradingView Chart: CELO/USD

Aside from the significantly bullish chart pattern, the Directional Movement Index (DMI) showed that the buyer’s grip on CELO was still firm. The positive trend line (+D1) at 47 was well above the negative trend line (-D1) at 6.5. The average directional line (ADX) was at 48, suggesting that the uptrend was very strong.

In addition, the Relative Strength Index (RSI) was located above the midline in the positive zone. The price strength of 59 indicated that there are more buyers than sellers in the market, adding credence to Celo’s positive outlook.

Conversely, the crypto traded outside the bullish pattern for a third consecutive eight-hour trading session. The RSI is turning downward, suggesting that even though there are more buyers than sellers in the market, their strength may run out soon as buyer fatigue sets in. This suggests that the ongoing price correction to the downside could continue in the near term.

As such, an eight-hour candlestick closing below $0.576, where the 100-period simple moving average (SMA) currently sits, would nullify recovery efforts and extend the current sell-off, resulting in another correction towards the psychological level of $0.60, where the 50 SMA sits or bottoms. The graph is around $0.4.

Promising alternatives to CELO

Even as market participants wait for crypto prices to show a directional bias, it is important to look at other investment alternatives not only to increase potential returns but also to diversify the crypto portfolio.

Dash 2 Trade and RobotEra are some of the projects currently in pre-sale that are poised for future growth with promising returns once they are listed on exchanges in the near future.

Dash 2 Trade (D2T) is a decentralized exchange built on the Ethereum blockchain that is set to launch early next year. So far, the team behind D2T has raised $7.4 million with 85% of the tokens in Phase 3 of the presale. In the fourth and final phase of the presale, the D2T price will rise to $0.0533.

RobotEra (TARO) is an Ethereum-based sandbox Metaverse that is expected to launch its alpha version in the first quarter of 2023 and will allow players to build and play as robots within a virtual world based on NFTs. RobotEra Passed the quarter million dollar milestone with approximately $274,000 raised in the ongoing presale.

Related news:

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