CELO spikes 15% following Vitalik Buterin’s endorsement

Celo saw a remarkable price increase within an hour after Ethereum’s Vitalik Buterin gave positive support to the project.

In his post this morning, Buterin highlighted how Celo’s work aligns with Ethereum’s mission to improve access to financial services globally.

This comment came in response to Artemis’ previous report last week confirming that Celo (CELO) had surpassed Tron in stablecoin usage in terms of daily active addresses.

This comes after Tether announced plans to launch USDT on Celo six months ago. Interestingly, Tether’s announcement comes after Circle’s similar announcement to launch USDC on Celo in January.

Buterin’s recent support sparked a surge in Celo’s price this morning, with a 19% increase in an hour taking the token to a three-month high of $0.6552 before being rejected. However, the hourly candle still closed with a 13% gain.

Celo is up 15% in the last 24 hours and is trading at $0.6119 at the time of writing. Its weekly gains currently stand at 34.45%, representing a $338.9 million increase in market cap. Celo’s daily trading volume has also jumped 511% to $99 million.

CELO 1D chart – September 25 | Source: crypto.news

In the current position, Celo is trading above the Ichimoku Cloud, a classic bullish signal. The conversion line (Tenkan-sen) of the Ichimoku Cloud is at $0.5455, which represents a key short-term support level.

Meanwhile, the base (Kijun-sen) has moved up to $0.5225. The current price above these levels suggests continued bullish momentum, especially as lagging span A (Senkou Span A) at $0.5339 is also providing upside support.

However, the Williams % Range has dropped to negative 19.24. This confirms that the bulls have taken control and suggests that the market is approaching overbought levels but has not yet reached an overbought level.

Despite the bullish price action, the rejection from the $0.6552 high suggests some selling pressure. Key levels to watch will be the support provided by the Ichimoku Cloud and the resistance around the recent high.