CELO breaks the losing streak of 5 consecutive days after it rebounded by a strong 30% over the past 24-hours as we are reading more in today’s altcoin news.
The 34th largest crypto token increased by 30 percent to reach a price of $4.60 to its highest level in more than 7 days. The traders jumped to the CELO market after Coinbase Pro, the US-based crypto company, listed the trading instruments on the trading platform. Coinbase explained that the customers can now buy and sell but also receive, convert, store of send CGLD across all supported regions. The announcement opened a fiat-liquidity gateway for all traders and they will now be able to exchange the token for cryptocurrencies such as the Pound, Euro or USD dollar.
CELO/USDT started increasing after the Coinbase listing and the jump came right after the rest fo the crypto market showed signs of bullish momentum that is slowly weakening. It seems that traders believe hedging into this token in the short-term could be optimistic for the fundamentals and can de-risk their portfolios from other assets.
Technically, the increasing exposure in the CELO market seems like a part of the previous choppy sentiment of the traders. The charts show a pattern where the traders are buying CELO tokens close to the lower blue support level and in the meantime, they are also selling at below upper resistance levels. The CELO/USD has trended sideways so far. The pair tested the resistance at $4.62 again before it started correcting lower on the higher selling sentiment. It could also extend the correction to $3.70 given the traders continue selling the token below its 50-hour moving average.
— Celo (@CeloOrg) September 3, 2020
As CELO breaks the losing streak, it still remains a strong asset as it serves as a utility and governance token for the CELO platform. The purpose of this service is to make it easy for people with smartphones to send, receive and to store coins without having to own a wallet. The platform attracted investments from Polychain and Coinbase Ventures and thanks to them, the project played a key role in raising bids for the token among traders that have a long-term market strategy.
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