USDT Launch on Celo Triggers a Stellar 41.1% CELO Price Surge

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USDT Launch on Celo Triggers a Stellar 41.1% CELO Price Surge
  • CELO surges 41.1% in 24 hours, showing strong investor confidence and bullish momentum.
  • The recent surge could be linked to its joint effort with Tether to introduce USDT on the Celo network.
  • Technical indicators on CELO’s price chart, like EMA and MACD, indicate a continued bullish trend.

In a notable market action, the price of Celo (CELO) has increased by 41.1% in the past 24 hours, showcasing the firm belief of investors and the market enthusiasm. Nonetheless, the latest information indicates that CELO, despite hitting a barrier at the intra-day peak price of $1.84, is still bullish at the current trading price of $1.63.

This remarkable increase follows a period of consolidation where the token found robust support at $1.14, setting the stage for its current upward trajectory. Market analysts now speculate that CELO could surpass the $1.84 resistance level in the near future amidst growing optimism around the token’s prospects.

CELO/USD 24-hour price chart (Source: Coinstats)

This rally has not only pushed CELO’s price upwards but also significantly boosted its market capitalization by 41.66%, reaching $867,452,596. Additionally, the trading volume for CELO has exploded, increasing by over 2,655.35% in the last 24 hours to $1,018,286,800. This dramatic rise in trading volume underscores a heightened interest in CELO among investors and traders alike, reflecting positive market sentiment toward the token’s future.

Strategic Alliance Fuels Optimism

The recent surge in CELO’s value could be directly linked to its joint effort with Tether, the leading stablecoin operator, to introduce USDT on the Celo network. This teamwork aims to merge USDT’s reliability with Celo’s efficiency, an Ethereum Virtual Machine (EVM)-compatible layer 1 network known for fast and cost-effective payments.

According to a blog post by Tether, the integration of USDT into the Celo platform is poised to alter microtransactions by drastically reducing transaction fees to approximately $0.001. Such a low cost per transaction significantly enhances the feasibility of microtransactions, fostering mass adoption in daily financial activities and promoting financial inclusiveness.

Moreover, Celo’s infrastructure, built for speed and minimal fees, aligns with Tether’s goal to diversify its blockchain utility, potentially transforming digital payments and remittances. Additionally, Celo’s EVM compatibility and attention to minimal gas fees ensure that it remains affordable and accessible without being influenced by Ethreuem’s fee structure.

CELO/USD Technical Analysis

The 4-hour chart for CELO/USD clearly shows a powerful bullish trend, driven by a significant rise in the price of CELO. Emanating from a 20-period close, an exponential moving average (EMA) is drawn under the candlesticks, revealing an obvious uptrend and functioning as dynamic support that reinforces the current bullish mood in the market. This dynamic support from the EMA line reinforces the bullish outlook, suggesting that the trend might continue.

Furthermore, the Moving Average Convergence Divergence (MACD) presents a compelling picture of bullish momentum, with its measurement at 0.124042. The MACD line, depicted in blue, prominently positions itself above the signal line in orange. This is indicative of strong bullish momentum. 

CELO/USD 4-hour Chart (Source: TradingView)

Additionally, the histogram bars of the MACD are on the rise, which further confirms the uptrend. These increasing positive bars on the MACD histogram represent a growing strength in bullish sentiment, offering additional confirmation of the upward movement observed in the CELO/USD trading pair.

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