Celo soars by 16% today as the broader market retreats

• CELO is the best performer amongst the top 100 cryptocurrencies by market cap today.

• The broader crypto market has lost roughly 3% of its value in the last 24 hours.

• Bitcoin could drop into the $15k zone if the bearish momentum continues

CELO outperforms the major cryptocurrencies

CELO, the coin that powers the Celo blockchain, is leading the market charge today. The coin is the best performer amongst the top 100 cryptocurrencies by market cap, adding more than 16% to its value in the last 24 hours.

There is no catalyst behind this latest rally. However, CELO has been rallying since Celo announced a partnership with Ethereum software firm ConsenSys last week. 

According to the terms of the partnership, Celo will integrate with ConsenSys’ Infura infrastructure. Over the last seven days, CELO has soared by 52%, outperforming the other major cryptocurrencies in the process. 

The rally comes as the broader crypto market retreats. The total crypto market cap stands at $817 billion, down by nearly 3% in the last 24 hours. Bitcoin, the world’s leading cryptocurrency by market cap, has also lost 2% of its value. 

At press time, the price of Bitcoin stands at $16,206 and could drop into the $15k zone if the bearish trend continues. The price of Ethereum stands at $1,173, down by more than 3% so far today. 

Key levels to watch

The CELO/USD 4-hour chart is bullish as Celo has been performing excellently over the last 24 hours. The technical indicators show that CELO has been outperforming the broader crypto market over the last few days.

The MACD line is deep within the positive zone, indicating that the bulls have been in charge of the CELO market for a while now. The 14-day RSI of 69 shows that CELO could enter the overbought region if it can embark on a sustained bullish run. 

At press time, CELO is trading at $0.6465. CELO could surge past the first major resistance level at $0.7898 before the end of the day if the bullish momentum is maintained.

In the event of an extended bullish run, CELO could rally toward the $0.9176 resistance level for the first time since September. 

Where to buy Celo now