Will the CELO token reach $1 following its bullish breakout from a falling channel and a surge above the 200-day exponential moving average (EMA)?
As the Web3 and layer-2 network space experiences significant growth, CELO is witnessing an increase in daily active addresses. This surge in activity is further fueled by Ethereum co-founder Vitalik Buterin’s acknowledgment of the rising demand and growing CELO network.
As the newfound demand teases a trend reversal rally, will CELO manage to reclaim the $1 mark?
Buterin Boasts Growing Traction Over CELO
Recently, Artemis, a data science layer for blockchain, tweeted that CELO surpassed TronDAO in daily active addresses for stablecoin usage.
Buterin shared this tweet, praising the CELO blockchain’s growth, saying, “This is amazing to see.” He acknowledged the potential of CELO to improve worldwide access to basic payments and financial services.
CLO Breakout Run Crosses $0.60
Following the endorsement from a prominent figure in the crypto industry, CELO’s price action is gaining momentum. On the daily chart, the CELO price had formed a falling channel pattern, taking support from a crucial level of $0.40.
A double bottom reversal from this level, combined with the ongoing bull cycle and channel breakout rally, has resulted in a 57.75% jump over 18 days from $0.4010. Currently, the CELO price is trading at $0.63, forming a bullish engulfing candle with an intraday gain of 15.62%.
Can CELO Reach $1?
The MACD and Signal lines are rising, with massive positive histograms resurfacing, supporting the bullish trend. Furthermore, the bullish recovery run has surpassed all crucial daily EMAs, including the 50, 100, and 200.
Based on Fibonacci levels, the ongoing rally is likely to challenge the 23.60% level at $0.725.
Moreover, as the trend reversal rally gains momentum, the breakout rally could face resistance at the 38.20% and 50% levels, which correspond to $0.92 and the $1 mark. On the other hand, crucial support levels for the CELO token stand at $0.53 and $0.48.
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Source: https://thecryptobasic.com/2024/09/25/celo-breaks-out-of-falling-channel-eyes-1-amid-vitalik-buterins-endorsement/?utm_source=rss&utm_medium=rss&utm_campaign=celo-breaks-out-of-falling-channel-eyes-1-amid-vitalik-buterins-endorsement