The broader cryptocurrency market continues to show weakness, with total market capitalization now hovering near the $2 trillion mark.
Cryptocurrencies have underperformed over the past month, with most coins losing more than 30% during that period. Bitcoin has retreated from its all-time high of $69,000 and is currently struggling to hold above the $46,000 level.
Despite the broader market’s struggles, a handful of cryptocurrencies have stood out with strong recent performance. CELO, the native token of the Celo blockchain, was among the best performers in the market over the past 24 hours.
Following the Kuneco Demo Day event organized yesterday by the Celo Foundation team, CELO gained roughly 10% during the period. Developers hosted demonstrations showing how to purchase non-fungible tokens (NFTs) with credit cards and providing other practical 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 🦇 🌳 (@Celo) December 16, 2021
The event sparked positive community reactions, which helped lift CELO’s price over the last 24 hours.
Key Levels at a Glance
The 4-hour chart for CELO/USD currently looks one of the more constructive charts in the cryptocurrency space. CELO ranks among the top gainers within the top 100 cryptocurrencies by market capitalization.
Technical indicators support the short-term bullish case: the MACD line has crossed into positive territory, suggesting upward momentum for CELO. Meanwhile, the RSI sits around 57, indicating the token has moved out of overbought conditions and may have room to climb further in the coming hours. At the time of writing, CELO is trading above its 100-day moving average of $3.76.
What to Expect
If buyers remain in control, CELO could attempt to break the immediate resistance at $4 in the next few hours. A sustained rally may extend before the day ends, with the next major resistance near $4.60.
Conversely, if bearish pressure resumes, CELO risks slipping below the psychological support at $3.50. A close under that level could trigger further losses and push CELO toward approximately $3.00 before the close of the day.