Celo is a blockchain ecosystem that focuses on increasing the use of cryptocurrencies among smartphone users.
The network enables the creation of smart contracts and decentralized applications (DApps) as part of financial decentralization (DeFi), its mainnet launched in April 2020.
Celo was originally founded by a team consisting of MIT, Stanford, Google, Square, Circle, Visa, GoDaddy, World Bank, Federal Reserve Bank, Harvard University, University of Pennsylvania Law School, Cambridge University, U.S. Department of Justice, Bank Of America, Capital One, Twitter, Give Directly, and the Gates Foundation.
Meanwhile, examine the current movement chart of the CELO/USDT price.
Since the market’s opening in January 2021, the Celo network has shown a consistent record of producing over 300% gains in 4 months thus making the all -time high (ATH) at the $ 7.24 price level on April 21, 2021.
The increase had an impact after Deutsche Telekom purchased a large number of Celo tokens through a strategic investment fund, Telekom Innovation Pool on April 20.
Yet movement to continue the rise was hampered after Tesla stopped Bitcoin payments and China banned cryptocurrency trading, slipping to support levels around $ 2.40.
From a technical point of view, Celo is currently playing in the support space to reach the SBR zone (support become resistance) around $ 3.20 where the zone is seen as difficult for Celo to penetrate.
If the Celo price movement manages to break the resistance level, the next SBR zone around $ 3.80- $ 4.00 will be tested first before returning to make higher gains.
Worryingly, if the price movement continues to see a bearish trend and breaks the support level around $ 2.20, the price movement is expected to resume continuing the decline until testing the lowest level ever recorded before.
At the time of writing, CELO/USDT is trading at $ 2.54, down 2% in 24 hours. The coin is currently ranked 103rd on the crypto chart.
