- The Celo blockchain platform is enjoying solid growth on the fundamental front
- CELO/USD pair spot rates posted a 28% uptick on the daily chart
- Intense buying pressure contributed to rally
JAIPUR (CoinChapter.com) — It’s springtime for Celo.
The “global payments infrastructure for mobile” has been achieving milestones on the adoption front. First came the partnership with Deutsche Telekom, Europe’s telecommunications provider. Then happened the staking deal with venture capital heavyweight Andreesen Horowitz and Deutsche Telekom. And lastly, custody support partnership with crypto bank Anchorage Digital for Celo’s Euro stablecoin.
Celo is essentially an Ethereum-based proof-of-stake blockchain. It supports stablecoins and tokenized assets, using cellphone numbers to secure users’ public keys. The platform allows transactions using Celo Dollars (cUSD) and Celo Euro (cEUR) stablecoins and the native token as per the official website.
The platform’s environment-centric payments approach has been widely appreciated and led to the signing the aforementioned institutional deals. DeFi staking, in particular, has picked up quite significantly amongst legit large-scale organizations lately.
And not just institutions, popular web browsers such as Opera added support for both Celo stablecoins in its crypto wallet.
CELO Rallies 28%
These strong fundamental drivers have helped push CELO token prices up by almost 28%. Backed by intense buying pressure, the CELOUSD trading pair printed back-to-back gains. As a result, the pair rose from lows around the $2.8 level to above $3.6 in the early London session today.
The near 30% pump in prices came in the light of a classic descending channel formation. The same directed the asset’s market momentum for the last week. CELO/USD spot rates tested the bottom of the channel multiple times. Before posting the breakout on the back of strong buying pressure.
Currently, prices are comfortably buoyant above the crucial 20-day exponential moving average(EMA) wave. And well supported above the 50-day and 200-day moving (MA) waves.
However, for a full-blown rally to finally take shape, bulls must flip the $4 resistance level to support. And then attempt a reclaim of the $4.74 resistance point. Although it is important to note that the above scenario will only play out if buying volumes remain strong and buying pressure remains consistent.