Celo’s main unique selling point lies in its focus on smartphone users. The company argues that the number of smartphone owners is increasing exponentially, but the number of people using cryptocurrency is rising at a much slower pace. CELO is further highly suited to regions in which a large section of the population does not have access to the banking sector but still has a smartphone.

Bridging the gap between the two technologies is what Celo aims to do, along with harnessing the benefits of DeFi by supporting the creation of DApps and smart contracts.

The CELO technical analysis is as follows:
<h2><b>Past Performance of CELO</b></h2>
The price today is $4.128 with a total trading volume of $131,437,103.40, which is up by 200% during the last 24 hours. The current ranking is #78, with a live market cap of $1,511,930,912.20. It has a circulating supply of 367,204,495 CELO coins. The highest closing price was $10.66 in August 2021. The current price is down by 61% from it.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/y/YtxO1Jo7.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/YtxO1Jo7/">https://www.tradingview.com/x/YtxO1Jo7/</a>
<h2><b>CELO Technical Analysis</b></h2>
For a new use-case that drove up CELO’s volumes, <a href="https://www.cryptoknowmics.com/news/kickstarter-plans-blockchain-based-crowdfunding-via-celo/">Kickstarter</a> is creating a new company to build a crowdfunding platform on the Celo blockchain. The price has been in a falling zone since October 2021.

The <b>On-balance Volume</b> is at 171 million, moving in a flat region with small upwards and downwards movement of volume showing the market is buzzing decently for it in terms of interest in the volume.

<b>RSI</b> is at 37% in the oversold region showing an absolute fall in interest and the price does not have a strong incentive to move.

The <strong>MACD</strong> can be seen with the fast and slow line falling in a diverging manner with no real uptick of volumes. The slow line is above the fast line, showing the fall is now being incorporated in the trend and there is no chance of a change as of now. Thus, bearishness to continue.
<h2><b>Price Trends for the Day-Ahead and Tomorrow</b></h2>
The last high from October at $7.853 was under the resistance of $9.04 and could not be broken through. Support is currently at the $5.01 level and is holding to stay above it as much as possible. Look for the next support of $4.673.

CELO Technical Analysis: Down from its Usual Highs, Look for $4 Support

The last high of CELO from October at $7.853 was under the resistance of $9.04 and could not be broken through. Support is currently received at the $5.01 support line and is holding to stay above it as much as possible. Look for the next support of $4.673. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

CELO Technical Analysis: Down from its Usual Highs, Look for $4 Support

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