CELO Jumps 15% After Vitalik Buterin Endorsement
Date: 2024-09-25 Author: Henry Casey Categories: BUSINESS
Within an hour of Ethereum founder Vitalik Buterin expressing a positive opinion about the Celo project, its price has shown a sharp increase. Buterin noted that Celo’s work is in line with Ethereum’s mission to improve financial inclusion around the world. In his post, he emphasized the importance of providing access to basic financial services, which has always been a priority for Ethereum.
This comes amid a recent Artemis report that confirmed that Celo has surpassed Tron in stablecoin adoption, specifically in terms of the number of active addresses per day. This growth was possible after Tether announced plans to launch USDT on the Celo platform six months ago. Interestingly, this came after a similar announcement from Circle about the introduction of USDC on Celo in January.
Following Buterin’s support, Celo’s price surged 19% in an hour, hitting a three-month high of $0.6552 before encountering resistance. However, the hourly candle eventually closed up 13%. CELO is currently trading at $0.6119, up 15% from the previous 24 hours. The token has seen a 34.45% gain in a week, pushing its market cap to $338.9 million. Celo’s 24-hour trading volume has also increased significantly, up 511% to $99 million.
Celo is currently trading above the Ichimoku cloud, a classic bullish signal. In this cloud, the conversion line (Tenkan-sen) is at $0.5455, indicating an important short-term support level. Meanwhile, the base line (Kijun-sen) has risen to $0.5225. The current price above these levels suggests continued bullish momentum, especially considering that the lagging Span A at $0.5339 is also supporting the upside.
However, the Williams % Range index has fallen to -19.24. While this confirms bulls are in control, it also indicates that the market is approaching overbought levels but has not yet reached critical levels. Despite the bullish price action, the pullback from the high at $0.6552 shows selling pressure. Key levels to watch will be support from the Ichimoku Cloud and resistance in the area of the recent peak.
