CELO is the utility and governance token that powers the Celo network. It’s a Defi project that aims to improve the user experience while transferring cryptocurrency, particularly on mobile phones. Celo is powered by its own blockchain. It went live in April 2020.
Celo supports a growing number of stablecoins such as cUSD or cEUR. These coins are pegged to USD and EUR via an oracle. Celo wallet allows users to use their phone number to act as a public-key substitute for their account. Users can then transfer funds to other recipients simply by texting them. This scheme is great for anyone who isn’t familiar with crypto usage (which is a majority of people), but also for people who can’t use traditional methods to transfer money on their mobile phones, such as a bank app or third-party app such as Venmo. This is also a great option for people without a bank account (which may amount to as many as 1,7 trillion worldwide).
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The CELO token can be used to vote for governance purposes, for staking (Celo Network uses Proof-of-Stake protocol), and for transaction fees. Celo is a mobile-friendly and user-friendly project that calculates fees automatically and accepts payments in any stable coin.
Celo Live Price Chart
CELO token was introduced to the market in May 2020. It saw surprisingly low volatility. The price fell from $2.5 and $1.5 initially but then stabilized at around $1.8 over the next few months. The CELO price climbed almost to $4.5 in late summer 2020 as Defi interest grew. Although there was a slight downturn after this, CELO traded at an average of $1.7-$1.8 until January 2021. In keeping with the overall trend, CELO started the new year 2021 with a bull run that reached an all-time high at $7.24 on April 21.
In mid-May, the price fell sharply, just as investors were getting nervous about the hard fork. It reached a record low at $0.8 on May 22, which was probably due to enough uncertainty. The project continued to work well and there were exciting announcements like the confirmation of Andreessen Horowitz’ support or a new partnership between Opera. The CELO price soared to $4.7 in June. CELO may be experiencing a downturn in July, but it’s not clear if this will happen anytime soon.
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Celo Technical Analysis
Although it is impossible to provide a 100% accurate technical analysis of Celo cryptocurrency, TradingView offers an advanced technical analysis tool that allows you to see the CELO aggregated buy-and-sell rating over a selected time period. The CELO/USD summary is based upon the most common technical indicators, Moving Averages and Oscillators.
Celo Price Prediction
We have compiled the most reliable price projections of Celo (CELO), from various forecast platforms.
#1.
According to WalletInvestor Celo’s price will rise from $5.724 to $5.923 over a year. CELO is a good investment. The long-term earnings potential is 3.48%. The predicted price at the end of 2026 will be $12.974.
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#2
TradingBeasts has the definitive answer to the question of whether Celo is an investment. This coin’s price is expected to rise to $4.97595 in 2021, with a drop to $4.78477 at the end of 2022.
#3.
DigitalCoin analysis shows that Celo cryptocurrency’s value will increase over the next five years, from $20.1276237 to $5.62428 today’s price to $20.1276237 in 2022. It will rise to $9.1339121 in 2022, and then continue growing in 2023-2024. This forecast shows Celo to be a long-term profitable investment.
#4.
The average Celo price will rise to $7.3725 in 2021. Celo’s average price will reach $12.72 in 2022.
Summary
Celo (CELO), projections can be contradictory, as you can see from the above analysis. There is not a consensus on the future price movements of CELO. The future growth potential depends on many factors, including announcements, new technological solutions for Celo projects, the cryptocurrency environment in general, and legal position. It is important to conduct your own research before you invest in any cryptocurrency (DYOR).
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