CELO Rallies by More Than 10% as NFT Contest Continues

The cryptocurrency market’s performance has moderately improved over the past few days, with the prices of most coins going up by more than 5% during that period. One of the best performers in the market at the moment is CELO.

CELO’s Value Surges by 10%

CELO, the native token of the Celo ecosystem, is up by more than 10% over the past 24 hours, making it one of the best performers in the market at the moment. The token is trading close to the $5 mark following its recent rally.

Celo is an open network designed to support a wide range of distributed applications, smart contract development and payments using email addresses and phone numbers as public keys. The project proposes the use of address-based encryption, a variant of identity-based encryption. It uses an email address or a phone number as a public key.

The native token of the project has been rallying over the past 24 hours, outperforming numerous coins. It surpassed its 50 EMA following its recent rally and could be set for further gains in the coming hours.

A possible catalyst for the recent rally is the CeloNFTGiveaway Event. The development team is currently giving away free CeloPunk NFTs to winners of its ongoing contest. According to the team, there are five CeloPunks currently left to be won.

The #CeloNFTGiveaway event is ongoing!

More than half of the Treasure Hunt rounds are complete with only 2 @CeloPunks left! 💫

The last lap 🏃‍♂️🏃‍♂️🏃‍♂️ is the Creative Challenge with 3 #NTFs up for grabs.

You still have time – check the details below! pic.twitter.com/gF5i2q3RZN

— Celo 🔦 (@CeloOrg) December 23, 2021

CELO Could Rally Higher as Broader Market Recovers

CELO’s value has increased by more than 200% over the past year. Heading towards the new year, CELO’s price could soar even higher as the broader cryptocurrency market slowly recovers from its slump. At press time, CELO is trading just above $4.7 per coin.

The MACD line is still within the negative territory but looks set to surpass the neutral zone in the coming hours. The 14-day RSI currently stands at 59, indicating that CELO is out of the oversold region and could rally higher soon. CELO recently surpassed its 50-day moving average of $4.64.

If CELO can maintain its current momentum, then it could top the first major resistance level at $5.68 over the coming hours. In the event of a bullish performance from the broader market, CELO could trade above $6 for the first time in three weeks.