The crypto market is trying to recover from Monday’s black session. The losses are reduced but the majority of top cryptocurrencies are still in the red. A crypto stands out completely from the crowd. It is, in fact, Celo crypto whose value has already risen by 15% in the last 24 hours. It is also in fact the best performance of the top 10 cryptos.

Celo crypto is a crypto which intends to facilitate the use of the blockchain on smartphones in order to attract a greater number of people especially from developing countries. Just like Zelle, Venmo or Cashapp, Celo users can transfer cryptos between themselves thanks to their phone number which is in fact the public key.

Apart from laptop innovation, Celo is a crypto that uses a pro-environment governance protocol namely the ” Proof of Stake “. Its blockchain also allows the creation and development of decentralized applications and DeFi projects.

A look back at Celo’s annual performance

Celo Crypto’s annual performance

Celo’s value has already increased 6 times during this year taking into account its ATH of $ 9.82 on August 30 and its January 1 price of $ 1.50. Crypto has gone through three major phases of evolution over the course of this year in the market. First, a bullish phase that began at the beginning of the year which will end during the month of May after the crash that occurred with ” crackdown Chinese. During this period, Celo’s price rose from $ 1.55 to $ 6.33, cumulating an increase of 308.38%.

Secondly, the drop which leads the crypto to a low of $ 2.15 in July to finally recover in early August and finally hit a new ATH. The latest phase is one that saw the crypto hit $ 9.82 on the stock market after a spectacular ride in Weekly (40.8%). The value retracted after leveling at its highs but since the weekend Celo’s price seems to start another bullish movement.

What to expect for the shortest term?

Daily Chart – Evolution of Celo’s price

Currently, Celo is traded at $ 6.90 significantly above its long and short term moving averages. The RSI stands at the runaway level with a display value of 68. When looking at the retracement, it seems that the bullish movement is more likely to be interrupted rather than prolonged. The $ 6.00 and $ 5.6 levels are one to watch out for.

However, it is certainly worth remembering that the cryptocurrency market is in a phase of uncertainty with two big events. First, the Fed meeting scheduled for Wednesday and then the expiration of the largest “open interest” on bitcoin. These facts are worth talking about because they will set the tone and pace for the cryptocurrency market. And therefore, the short-term future of Celo will also be linked to these two events.

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