The broader cryptocurrency market continues its weak performance, with the total market capitalization now close to the $2 trillion mark.
Cryptocurrencies have underperformed in the last month. The prices of most coins have fallen by more than 30% during this period. Bitcoin has dropped from its all-time high of $69,000 and is currently struggling above the $46,000 level.
However, despite the poor performance of the broader market, some cryptocurrencies have performed excellently. CELO, the native coin of the Celo blockchain, has been one of the best performers on the market over the past 24 hours.
Thanks to the Kuneco Demo Day, organized yesterday by the Celo Org team, the coin has added almost 10% to its value during this period. The developers held a demo that showed how to buy non-fungible tokens (NFTs) with credit cards and also other tutorials.
#KunecoDemoDay That’s a wrap! 👍🏼
To all who participated and attended, thank you so much for being a part of the community. 👏🏽👏🏾👏🏻
More Demo Day highlights will be posted here in the coming days.
– Celo 🔦 (@CeloOrg) December 16, 2021
The event led to a lot of positive reactions from the community, which led to an increase in the CELO price over the past 24 hours.
Important levels at a glance
The 4-hour chart of CELO/USD is currently one of the positives in the cryptocurrency space. The cryptocurrency is one of the biggest winners among the top 100 cryptocurrencies by market capitalization.
The MACD line crossed the neutral zone, which indicates that CELO is currently bullish. Meanwhile, the RSI of 57 shows that CELO has left the overbought area and its price may rise in the coming hours. At the time of writing, CELO is trading above its 100-day moving average of $3.76.
What you can expect
If the bulls keep control, CELO could try to cross the main resistance mark at $ 4 in the next few hours. The rally could be extended before the end of the day and CELO could reach the second major resistance mark at $ 4.6.
However, if the bearish trend continues, there is a risk that CELO will fall below the psychological level of $ 3.5. A drop below this level could trigger further losses, and CELO could trade at around $3 before the end of the day.