Celo crypto price has been on the rise in recent days, with its token soaring to a high of $0.6736 on Monday, the highest level since April 19th. The jump has amounted to more than 85% from the lowest level in June. There are several reasons behind this parabolic growth, including the continuing accelerated growth of its network ecosystem.
Celo is a fast-growing blockchain platform that is gaining more and more traction among developers and users. It is used to build quality dApps across various industries, including DeFi and non-fungible tokens (NFTs). It is also capable of handling 11.99 blocks per second. The total value locked (TVL) in the ecosystem has jumped to over $116 million.
The number of active users in the Celo ecosystem is also increasing. Data compiled by Dune Analytics shows that the number of transactions has risen to more than 228 million. The platform has handled over 20.15 million blocks and over 12.1 million contracts, while the number of active addresses has jumped to over 2.4 million.
The Celo developers recently integrated Chainlink’s data feeds, the biggest oracle network in the world. Chainlink connects off-chain data to the on-chain, and according to the Head of Ecosystem Growth at Celo, this integration “will empower Celo developers, providing critical access to oracle data and services and bolster Celo’s dApps to drive real-world impact and solutions.”
The 4H chart shows that the CELO crypto price has been on the rise, rising above the key resistance point at $0.5686, the highest level since June 3rd. The token has moved above the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) is in the overbought level. The MACD has also jumped to the highest level in months. Therefore, with the coin being overbought, there is the possibility of a retracement and a retest of the $0.5686 support.
To buy Celo, users can purchase the token through eToro and Binance.US.
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