Celo Records 62% Spike Following $20 Million Project Announcement
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Reports suggest that this bullish breakout got sponsored by the crypto project’s recent incentive push to spend $20 million to attract developers to work on its on- and off-ramps.
The announcement, which came earlier this week, revealed that the Celo Foundation put aside $20 million for its “Connect the World” project. The objective of this initiative is to finance teams interested in developing “high-quality Celo on- and off-ramps around the globe.”
Meanwhile, the cryptocurrency project also announced an open-source API blueprint for payment solution providers called “FiatConnect,” which aims at simplifying the integration process of the initiative.
That said, the project began with a $50K provision offer for the first payment providers in each country to incorporate FiatConnect and “demonstrate an on- and off-ramp that meets the quality bar.” The crypto project noted: “The Foundation will also subsidize on-ramp fees of up to $100,000 for all providers, making it more affordable for users to access Celo assets.”
Finally, the company announced that the initiative would work with Celo Foundation’s stablecoins, including the US dollar-pegged cUSD, the euro-pegged cEuro, and the Brazilian Real-pegged cReal.
Key Celo Levels to Watch — April 6
CELO resumed a bearish momentum on Wednesday, as the cryptocurrency erased most of the gains it accrued in April.
The payments cryptocurrency fell below the $4.000 psychological level a few hours ago, after a sharp rejection from the $5.218 peak, its highest point since January 14. In a way, this correction was a much-needed one following the 62% parabolic rally recorded between April 1 and 3.
That said, I foresee a bearish slowdown at the $3.850 figure as trading conditions enter oversold territories on the 4-hour stochastic indicator. As such, we should see a return to the $4.000 psychological level in the coming hours, followed by a drawn-out consolidation around that line and an eventual rebound over the coming days.
Meanwhile, my resistance levels are at $.4.000, $4.500, and $5.000, and my support levels are at $3.500, $3.000, and $2,500.
Total Market Capitalization: $2.01 trillion
Celo Market Capitalization: $1.6 billion
Celo Dominance: 0.08%
Market Rank: #64
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