As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of market reactions to high-profile endorsements. The recent surge in Celo’s price following Vitalik Buterin’s positive comments is a testament to this phenomenon.
In just an hour, Celo experienced a significant surge in price following Vitalik Buterin’s favorable comments about the project.
In a post today, Buterin emphasized that the efforts of Celo closely mirror Ethereum‘s goal of enhancing global access to financial services.
It’s fantastic to witness this development. Enhancing global accessibility to fundamental transactions and finance has long been a significant aspect of Ethereum’s potential positive impact on the world, and it’s heartening to see Celo gaining momentum in this area.
— vitalik.eth (@VitalikButerin) September 25, 2024
In direct reaction to Artemis’ recent findings, I found myself compelled to weigh in on the subject. Notably, the data presented last week demonstrated that as of now, Celo (CELO) has surpassed Tron in terms of daily active stablecoin usage, particularly when it comes to addresses.
Six months ago, Tether revealed their intentions to release USDT on the Celo platform. Notably, this revelation followed a previous announcement made by Circle in January, where they planned to introduce USDC on Celo.
This morning, Celo’s price experienced a significant boost due to Vitalik Buterin’s recent endorsement. Within an hour, the token skyrocketed by 19%, reaching a three-month peak of $0.6552. However, the upward momentum was halted, resulting in a rejection. Despite this, the hourly candle still indicated a substantial 13% increase in price by the end of the hour.
In the past 24 hours, Celo has experienced a 15% increase and is currently being traded at $0.6119. Over the past week, its value has risen by 34.45%, resulting in an elevated market capitalization of $338.9 million. Additionally, the daily trading volume for Celo has significantly increased by approximately 511% to reach a staggering $99 million.
Currently, Celo’s price is above its Ichimoku Cloud, indicating a potentially bullish market movement. The Tenkan-sen, or conversion line, sits at approximately $0.5455, which signifies a significant short-term support point.
For now, the baseline (Kijun-sen) has climbed to $0.5225. The current price surpassing these levels suggests persistent bullish strength, with additional support coming from the Senkou Span A at $0.5339, which is also reinforcing the upward trend.
Conversely, the Williams % Range dipped to -19.24. This indicates that the bulls are now in charge, yet it hints that the market is approaching overbought territory, though it hasn’t quite reached an excessive point just yet.
Regardless of the upward trend in prices, the refusal at the $0.6552 mark suggests that there’s some resistance to further price increases. Important levels to keep an eye on include the support offered by the Ichimoku Cloud and the resistance near the recent summit.
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2024-09-25 12:22