- Celo price rose to intraday highs of $0.73 on Tuesday, with trading volume rising 139%.
- The price surge followed news of Celo Foundation and Google Cloud partnership to boost Web3 founders on the Celo blockchain.
- CELO price outlook suggests key hurdle is at $0.74 while immediate main support is around $0.56.
CELO price rose on Tuesday as the Celo Foundation and Google Cloud partnered to help accelerate further adoption across Web3. CELO price traded at lows of $0.65 earlier in the day, but shot to intraday highs above $0.73 as news of the partnership reached the market.
At the time of writing, the CELO/USD pair was up 7% with trading volume spiking 139% in the 24-hour period.
The increased market activity had seen CELO price tick up 20% over the past week as well as turning positive in the 30-day period with about 2% of upside.
CELO price jumps to $0.73 after Celo/Google Cloud news
On Tuesday, the Celo Foundation announced a collaboration with Google Cloud, the cloud computing services arm of tech giant Google. Celo price rose after the news.
According to the Celo Foundation, the partnership will see Web3 founders and developers building on Celo benefit from workshops and computing services from Google. Per the foundation, Google Cloud has joined Celo’s founders’ program and will play a key role in boosting Web3-focused projects by offering credits for use across Google Cloud and Firebase platforms.
Firebase is Google’s mobile platform that offers cross-platform SDKs for developers to build and ship apps.
Google Cloud’s core team is also set to provide mentorship and guidance to projects via Celo Foundation’s Founders in Residence program. The leadership efforts will also be available during Celo Camp, an eight-week virtual accelerator program, with Google Cloud now joining key supporters including Twilio SendGrid, HubSpot, and Coinbase Cloud.
What next for CELO price?
CELO traded at highs of $0.92 in early February. At current price levels of $0.69, Celo is more than 90% off its all-time high of $9.82 reached in August 2021.
As for the short term technical outlook for CELO, the latest price is above the coin’s 200-day simple moving average (SMA). However, after hitting intraday highs above $0.73, the retreat below 70 cents has CELO/USD below the 50-day SMA.
Celo price on the daily chart. Source: TradingView
While the 50 SMA provides the immediate supply zone hurdle, it’s trajectory suggests further downside pressure if a death cross occurs. Nonetheless, the support of the longer moving average could help buyers target today’s highs and the February peak in the short term.
The daily Relative Strength Index (RSI) is above 50 to suggest momentum is with the bulls. However, if sellers regain the advantage, CELO price could revisit $0.65 and possibly the immediate support base at $0.56.