CELO is a utility and governance token powering Celo network — a DeFi project dedicated to improving user experience while transferring crypto, especially on the mobile phone. Celo runs on its own independent blockchain, which went live in April 2020.
Celo supports a growing family of stablecoins like cUSD and cEUR, pegged to the values of USD and EUR respectively via an oracle. Celo wallet works by allowing a user to utilize their phone number as a public key substitute for their account, and as a result, to transfer funds essentially by “texting” them to a recipient number. This scheme is suitable not only for people who aren’t up to speed on the intricacies of crypto usage (which is, let’s be honest, most people) but also for those who for some reason can’t use more conventional means of transferring money on the go on their mobile, be it a banking app or a third-party app like Venmo. It’s also, obviously, a great solution for the people who don’t have a bank account at all (the number of whom may be as much as 1,7 billion worldwide).
CELO token is used for voting for various governance purposes, for staking, since Celo Network uses Proof-of-Stake protocol, and for transaction fees. Note that as a user- and mobile-friendly project, Celo features automatic fee calculation and accepts payments in any supported stablecoin.
CELO token entered the market in May 2020 to see surprisingly little volatility, falling from ~$2.5 to ~$1.5 at first, but then consolidating around ~$1.8 for the next couple of months. In late summer or 2020, as general interest in DeFi grew, the CELO price rose almost to $4.5. This was followed by a downturn, but it wasn’t very steep: until January 2021, CELO was mostly trading at a previous level of ~$1.7-$1.8. Keeping with the general trend, CELO began the new 2021 year with a bull run, reaching an all-time high of $7.24 on April 21. The price went down hard in mid-May, around the time of a hard fork, which probably added enough uncertainty to make investors nervous, and reached a record low of ~$0.8 on May 22. After that, though, the project not only kept working well, but had some exciting announcements, for example, a confirmation of support from Andreessen Horowitz or a new partnership with Opera. This helped CELO’s price rally to ~$4.7 level in late June. However, in July CELO might be going into another downturn, but there’s no certainty about its immediate future yet.
Despite the fact that 100% accurate technical analysis for Celo cryptocurrency is hardly possible, on this advanced technical analysis tool by TradingView you can see the real-time aggregated CELO buy-and-sell rating for selected timeframe. The summary for CELO/USD is based on the most popular technical indicators — Moving Averages, Oscillators and Pivots.
Below we have collected the most reliable price projections for Celo (CELO) from popular forecast platforms.
According to WalletInvestor, Celo price will grow from $2.669 to $5.085 in one year. That makes CELO an awesome investment. The long-term earning potential is 90.52%. Predicted price for the end of 2026 is $13.526.
Answering the question about if Celo is a good investment, TradingBeasts say a resounding yes. In the 2021 perspective, this coin price is predicted to reach $2.68225 with a growth to $3.02873 by the end of 2022.
In DigitalCoin analysis, the price of Celo cryptocurrency will rise in the next 5 years starting from $2.65437 as of today’s price to $9.4992. It will go up to $4.3107353 by 2022 and continue its growth in 2023–2024. Based on this forecast, Celo is a profitable long-term investment.
As it can be clear from the analysis cited above, Celo (CELO) projections are rather contradictory. There is no universal consensus either about positive or negative future CELO price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the Celo projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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