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CELO continues to trade above $7 support. Should I buy this cryptocurrency at the current price?

CELO continues to trade above $7 support. Should I buy this cryptocurrency at the current price?

CELO/USD continues to trade above $7 support, but probably it is not the best moment to buy this cryptocurrency. The cryptocurrency market remains under pressure this Friday, and if Bitcoin falls again below the $40000 support, it would add further pressure to the whole cryptocurrency market.

Fundamental analysis: Celo dedicates lots of effort to provide the simplest possible experience for clients

Celo is a platform that makes financial dApps and crypto payments accessible to anyone with a mobile phone. Celo enables you to use crypto like everyday money, and the mission of this project is to build a financial system in which everybody can achieve success.

The Celo platform is proof-of-stake and Ethereum Virtual Machine (EVM) compatible, so you can start spending, sending, and earning crypto in only several clicks from your mobile phone. Celo’s ledger consists of accounts identified by an address, and it is important to say that assets on this platform cannot be accessed on the Ethereum network.

There are two types of accounts: externally owned accounts controlled by a user and contract accounts containing the code of a single smart contract. The average block time on this platform is five seconds, while it also allows you to build dApps and assets that move across chains.

Celo dedicates lots of effort to provide the simplest possible experience for clients who may have no familiarity with cryptos, and each layer of the stack is designed with the end-user in mind while considering other stakeholders.

Celo is built by a team of experienced developers, Celo’s growing ecosystem has more than 1,000 projects, and it has united forces of an incredibly vibrant community. The native token of this platform is the CELO token and the platform is governed by CELO asset owners.

“Celo’s aim is to create the conditions for prosperity, defined as people fulfilling basic needs, growing along their own unique paths, and supporting each other. All of Celo’s projects have a specific hypothesis that ties our activities to one or more of these indicators of prosperity,” the team of Celo reported.

Celo is a project with big potential, but probably it is not the best moment to buy CELO. The cryptocurrency market is losing its value this Friday; Bitcoin’s price went below $41000, and the price of CELO can weaken from the current price levels if the negative trend continues.

Technical analysis: $7 represents a strong support level

The cryptocurrency market is losing its value this Friday, and probably it is not the best moment to buy this cryptocurrency.

Data source: tradingview.com

If the price falls below $7 support, the next price target could be around $6 or even below; still, if the price jumps above $9, we have the open way to $10.

Summary

Celo is a platform that makes financial dApps and crypto payments accessible to anyone with a mobile phone with a mission to build a financial system in which everybody can achieve success. Celo (CELO) is currently trading around the $7.6 level, but if the price falls below the $7 support, it would be a strong “sell” signal.

The post CELO continues to trade above $7 support. Should I buy this cryptocurrency at the current price? appeared first on Invezz.



from Market Analysis – Invezz

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