Celo price has escaped from a significantly bullish chart pattern opening the way for a massive move northward. The ongoing correction could be presenting an opportunity for late investors to get into the CELO market before it explodes. Can the bulls sustain the recovery?
A New Identity And Branding Fuel’s CELO’s Rally
One of the most important factors driving the growth in the CELO price is the recent announcement that the blockchain ecosystem was getting a new brand identity. Celo.org, the organization behind the crypto project, released the new look complete with “a reimagined logo, branding, and messaging.”
An excerpt from the blog post says that the new look “kicks off a season of acceleration, with the Celo 2.0 technical roadmap landing soon, including timings for meaningful integrations and high-profile partnership launches.” The company added:
To put it simply, we are in awe of Celo’s incredible growth and want to give this brand back to the community. As the regenerative blockchain making the world a better place, our calling is clear: there has never been a more urgent time than now to reimagine the long-broken, traditional financial systems which have caused so much damage to vulnerable populations and the planet.”
The #CeloEvolution is here.
Introducing a reimagined brand and website, co-created with the Celo community, to further the collective mission to create the conditions of prosperity for all.https://t.co/ehf4mDUm0b
— Celo (@CeloOrg) January 11, 2023
Over the past few days, bulls have been bolstered by Celo’s 2.0 roadmap that was shared by the company on Thursday. This is dubbed “Chapter 2: Unleashing Developer Activity to Reimagine Money For Everyone” and, according to Celo, was “created in collaboration with @cLabs”, after months of consensus building and feedback from the community.
Ethereum alignment – Simplifying the process of tracking Ethereum forks and upstream changes to bring new features (like proto-danksharding) to Celo as soon as they are available.https://t.co/pX1kQ2A5kX
— Celo (@CeloOrg) January 26, 2023
Features of Celo 2.0 include:
- Deep alignment with the Ethereum roadmap to simplify the process of tracking Ethereum forks.
- Horizontal scalability by providing tools and features aimed at making Celo a rollup-friendly chain.
- Speed – Making Celo the fastest EVM Layer 1 blockchain by delivering fast Layer 1 block times and high throughput to every Celo builder.
- Improved tokenomics, and rewarding contributors by positioning CELO to become ultrasound money, with increased stability and security of the network.
- Providing a top-tier developer experience by ensuring that Ethereum tooling works ‘out of the box’ on Celo and simplifying the building process.
- Powerful building blocks for wallets and applications to help developers go further faster.
These positive fundamentals spark increasing investor interest in Celo, which is a positive sign for its price growth.
Celo Price Confirms a Cup and Handle Chart Pattern
CELO price was seeking to escape from a cup-and-handle chart pattern, as earlier analyzed by InsideBitcoins. This was to happen once the price closed above the technical creation’s neckline at $0.766, confirming the pattern.
At the time of writing, CELO was trading just above the neckline at $0.77 after escaping from the governing chart pattern on Thursday. This set the token up for a massive upward move toward the technical target at $1.082 as shown on the daily chart below.
For this to happen, the bulls must ensure a daily candlestick close above the handle’s high at $0.85, confirming the breakout. If successful, the price may rise to confront stubborn resistance from the $0.95 level and later the $1.0 psychological level before reaching the chart pattern’s target at $1.08. This would bring the total gains to 39.6% from the current levels.
CELO/USD Daily Chart
CELO sat on robust support provided by the 50, 100, and 200-day simple moving averages (SMA’s) at $0.57, $0.6, and $0.73 respectively. Market participants can expect these buyer congestion areas to provide the hindwinds required to push the price higher over the next few days.
The relative strength index (RSI) is still positioned in the positive region at $67. This suggested that the buyers were still in control of CELO, reinforcing the bullish outlook.
On the downside, failure to move above the handle’s high at $0.85 would signal the inability of the bulls to sustain the higher levels. The CELO price was flashing red with 1.78% losses on the day and the RSI was moving downward away from the overbought region.
This suggested that CELO’s rally may have lived its course, pointing to continued consolidation within the handle in the near term. If the selling intensifies, the price may drop from the current levels to revisit the handle’s low at $0.60, invalidating the bullish narrative.
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