CELO is one of the best performers amongst the top 100 cryptocurrencies by market cap.
The cryptocurrency market is performing slightly better today. Over the last 24 hours, the broader crypto market has added 0.5% to its total value.
The total cryptocurrency market cap is above $2.16 trillion at press time. Bitcoin continues to trade above $46k while Ether could target the $4k psychological level if the market builds enough momentum.
However, CELO, the native token of the Celo ecosystem, is up by 20% in the last 24 hours, making it one of the best performers in the market at the moment.
The rally can be attributed to the ongoing CeloConnect event in Barcelona, Spain. CeloConnect brings together the Celo community, including the team members, developers and more.
The Celo team has already announced a few partnerships during the event, including PrimeDAO, Wormhole, and LayerZero Labs.
Key levels to watch
The CELO/USD 4-hour chart is one of the most bullish in the cryptocurrency market at the moment. The technical indicators show that CELO is outperforming the other major cryptocurrencies.
The MACD line is firmly within the positive region, indicating strong bullish momentum. Furthermore, the MACD of 82 shows that CELO is currently in the overbought region.
Despite its ongoing rally, CELO’s value could soar higher soon. At press time, CELO is trading at $4.561 per coin. CELO could surge past the $5.5 resistance level if the rally continues.
In the event of extended bullish performance, CELO could trade at around $6.3 for the first time since November 2021.
However, if the bears regain control, CELO would struggle to defend its major support level at $4. The second major support level at $3.3 should limit further downward movement in the short term.