Here is why CELO is up by nearly 10% so far today
The broader cryptocurrency market continues its poor performance, with the total market cap now close to the $2 trillion mark.
Cryptocurrencies have been underperforming over the past month. The prices of most coins are down by more than 30% during that period. Bitcoin is down from its all-time high of $69k and is currently struggling above the $46k level.
However, despite the poor performance of the broader market, some cryptocurrencies have been performing excellently. CELO, the native coin of the Celo blockchain, has been one of the best performers in the market over the past 24 hours.
The coin has added nearly 10% to its value during that period, thanks to the Kuneco Demo Day that was organized by the Celo Org team yesterday. The developers held a demo showcasing how to buy non-fungible tokens (NFTs) with credit cards and also other tutorials.
#KunecoDemoDay That's a wrap! 👍🏼
To all who participated and attended, thank you so much for being a part of the community. 👏🏽👏🏾👏🏻
More Demo Day highlights will be posted here in the coming days.
— Celo 🔦 (@CeloOrg) December 16, 2021
the event prompted a lot of positive responses from the community, leading to a surge in CELO’s price over the past 24 hours.
Key levels to watch
The CELO/USD 4-hour chart is one of the positive ones in the cryptocurrency space at the moment. The cryptocurrency is one of the biggest winners amongst the top hundred cryptocurrencies by market cap.
The MACD line crossed the neutral zone, indicating that CELO is currently bullish. Meanwhile, the RSI of 57 shows that CELO has left the overbought region, and its price could soar higher in the coming hours. At press time, CELO is trading above its 100-day moving average of $3.76.
What to expect
If the bulls remain in control, then CELO could look to surpass the major resistance level at $4 over the next few hours. The rally could be extended before the end of the day, and CELO could reach the second major resistance level at $4.6.
However, if the bearish trend resumes, then CELO risks dropping below the $3.5 psychological level. A dip below that level could trigger further losses, and CELO could trade around $3 before the end of the day.