Another dark day for digital currencies. Cryptocurrencies loose under regulatory pressure from Chinese authorities. The overall market value lost 5.06%. However, Celo crypto manages to do well.
In fact, the smartphone blockchain is gaining over 7% in the last 24 hours. It is with Axie Infinity the only cryptos of the top 100 which saw their price increase during this trading session. The gaming token shows a slight growth of 1.15% in 24 hours.
It should be noted that Celo is in a pretty impressive bullish phase. Over the last 7 days, Celo has recorded an increase of more than 50%. This is not the first that the crypto has resisted as the market plunges. During the bear market propelled by the fear of default of Evergrande, the price of Celo had taken 15% on the market.
Celo : The crypto that challenges the bear market
Celo is a cryptocurrency that seeks to foster financial inclusion through the use of blockchain on smartphones. Indeed, the project behind this crypto is to allow anyone to receive or transfer payments on their phone without the need of any intermediary. Many of the 40% of the world’s population who do not have access to financial services own a smartphone. So Celo crypto can be a solution to this problem.
The value of the smartphone blockchain saw a remarkable increase over the year. In fact, its price rose 192% year on year. What is interesting, however, is its recovery from the low of $ 2.20 on July 18. Currently, the percentage growth of cryptocurrency from this low is 236%. The peculiarity of Celo over the past few days is its ability to resist widespread downward movements in the market.
In Monday’s session, the cryptocurrency market cap lost 9% while Celo’s value rose 15%. Even today, the market is down 5.06%, it is up more than 7%. Celo’s market capitalization currently stands at $ 2.29 billion. Crypto is at the 55th place in the market.
Technical and fundamental analysis of Celo
Celo’s daily chart indicates a bullish phase. The crypto price ($ 7.50) exceeds its 20-day and 100-day moving averages valued at $ 5.47 and $ 3.60 respectively. The RSI is placed in the runaway zone. It is currently at 73. The volume level corroborates the RSI posture. According to data from Coinmarketcap, the trading volume is up 55.90%.
Quite recently, Celo crypto joined forces with various large DeFi cryptos around a project baptized ” DeFi for The People “. Some of its cryptos include: Aave, SushiSwap, Curve, 0x, and PoolTogether. The project will be undertaken on Celo’s blockchain which presents a very good basis in terms of a solution for financial inclusion. Almost $ 100 million will be spent to educate people on the benefits of DeFi.