- Celo prices reached intraday highs at $0.73 on Tuesday with trading volume increasing 139%.
- Following news of the Celo Foundation and Google Cloud partnership, which will boost Web3 founders using the Celo blockchain, the price surge was triggered by this.
- CELO price outlook indicates that the key hurdle is at $0.74, while immediate support is around $0.56.
The price of CELO rose Tuesday after the Celo Foundation partnered with Google Cloud to accelerate Web3 adoption. The CELO price was trading at $0.65 lower than it was earlier in the day. However, it rose to $0.73 intraday after the announcement of the partnership.
At the time this article was written, the pair CELO/USD was up 7% and trading volume spiked 139% during the 24-hour period.
The market activity was booming and the CELO price jumped 20% in the past week. It also turned positive for the 30-day period with approximately 2% upside.
After Celo/Google Cloud news, CELO price rises to $0.73
The Celo Foundation will be open Tuesday announced A collaboration with Google Cloud (the cloud computing services arm tech giant Google), was announced. Celo prices rose following the news.
The partnership will allow Web3 developers and founders to benefit from workshops and computing services provided by Google, according to the Celo Foundation. 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. Celo Camp, an eight week virtual accelerator program, will offer the opportunity to participate in leadership. Google Cloud joins key supporters like Twilio SendGrid and HubSpot Cloud.
What happens next to the CELO Price?
In February, CELO reached highs of $0.92. Celo’s current price level of $0.69 means that it is less than 90% of its record high of $9.82 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). CELO/USD is now below its 50-day SMA, having reached intraday highs over $0.73. However, the decline below 70c has CELO/USD under the 50 day SMA.
Celo price in 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), which is higher than 50, suggests that momentum is with bulls. If sellers gain the advantage, CELO could revert to $0.65, and perhaps the immediate support base of $0.56.
