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Celo Price Explodes After Announcement of Return to Ethereum Network and Upcoming Upgrade: Price Forecast
The price of Celo (CELO) rose sharply on Monday after the development team made important announcements. In the last 24 hours, the token rose almost 13% and reached a high of $0.6140. Celo is an EVM-compatible blockchain network with a focus on mobile platforms. With this approach, it targets the large market as billions of people own smartphones today. The network has an average block time of around 5 seconds and is carbon negative. To date, over 262 million transactions have been processed at an average gas price of $0.0005. Celo's price increase resulted from the announcement of the...
Celo Price Explodes After Announcement of Return to Ethereum Network and Upcoming Upgrade: Price Forecast
The price of Celo (CELO) rose sharply on Monday after the development team made important announcements. In the last 24 hours, the token rose almost 13% and reached a high of $0.6140.
Celo is an EVM-compatible blockchain network with a focus on mobile platforms. With this approach, it targets the large market as billions of people own smartphones today. The network has an average block time of around 5 seconds and is carbon negative. To date, over 262 million transactions have been processed at an average gas price of $0.0005.
Celo's price increase resulted from the development team's announcement of its return to the Ethereum network. The Optimism stack, a leading Layer 2 network, is used for this. A statement from cLabs, the developers of Celo, emphasizes the advantage of connecting to Ethereum in that the platform interacts with Ethereum without trust and leverages its economic security.
A key aspect of this decision is the use of Optimistic Rollup. This technology allows transactions to be processed and confirmed off-chain before they even reach the Ethereum network. This solution, made possible by Layer-2 networks, allows a large number of transactions to be processed in a short period of time.
Another reason for Celo's price increase was the announcement of a new upgrade. The Allo protocol will be implemented on Celo in August. Allo is a capital allocation tool that simplifies financing within the community.
In terms of price prediction, Celo hit a low of $0.3506 in June and has been recovering since then. The coin converted the important resistance of $0.4013 into support. Furthermore, the coin has risen above the lines of the last 50 and 100 days moving averages, while the MACD has risen above the neutral point.
Based on these indicators, there is a possibility that the Celo token will continue to rise. This month's high of $0.6751 could be targeted. A rise above this level would indicate that bulls have the upper hand and the price could reach the next resistance level at $0.9270, representing an increase of around 62% from the current price.