The Celo Price steadily advances after a massive crash to its lowest in July 2021. It’s trading at $2.91, 41% below its lowest in 2022. hence, the total market cap rose to about $1.2 billion, making it the 81st biggest coin globally.
What is Celo, and why is it rebounding?
Celo, a rather small layer one project, offers developers a platform to create quality mobile-ready applications, backed by huge brands like Polychain, a 16z, Social Capital and Coinbase. It has also developed collusion with huge firms such as MoonPay, El Dorado, OkCoin, Opera, Paxful, and many more.
Lately, Celo’s network has been growing, especially with the rise in the number of apps embracing it. These apps include Anchorage Digital, Valora, NomSpace, Fireblocks, and Ubeswap. T-mobile also built apps with the Celo network.
DeFi Llama indicates that Celo aided in creating decentralized finance applications. Mento, Moola Market, and Mobius Money are some of the most popular DeFi apps with a total value locked (TVL) of more than $435 million.
Similarly, Celo has been utilized in stablecoins creation, like the Celo Dollar, backed by the greenback and has an $85million valuation. Other stabelcoins include the popular Tether and USD Coin and smaller ones like the cEuro and cReal.
Celo price prediction
The CELO price dropped to $2.10, the lowest level since July 20th. Afterward, it made a prudent retreat and slightly moved above the 25-day moving averages while the Relative Strength Index(RSI) rose.
Despite this, the bullish trend is not sufficient. Thus, the coin may go back to its bearish pattern soon. If this happens, the next key support to focus on will be at $2.10, and a break below means continuos drop to below $2.