Celo price goes parabolic amid rapid ecosystem growth

Celo crypto price has gone parabolic in the past few days.

The network’s ecosystem growth has continued to accelerate.

Celo recently integrated Chainlink in its ecosystem.

Celo price has made a spectacular comeback this month, making it one of the best-performing cryptocurrencies in the industry. The token soared to a high of $0.6736 on Monday, the highest level since April 19th. It has jumped by more than 85% from the lowest level in June.

Celo user growth continuing

Celo is a fast-growing blockchain that is gaining traction among developers and users. The platform is used to build quality dApps in all industries, including DeFi and non-fungible tokens (NFTs). It is able to handle about 11.99 blocks per second.

Celo’s ecosystem growth has continued. According to DeFi Llama, the total value locked (TVL) jumped to more than $116 million. The biggest DeFi apps in the ecosystem are Mento, Curve DEX, Uniswap V3, and Moola Market among others.

The main reason why Celo price is soaring is that the number of active users in the ecosystem is growing. For example, data compiled by Dune Analytics shows that the number of transactions in the ecosystem has jumped to over 228 million.

Celo has handled over 20.15 million blocks over the years while the number of active addresses jumped to over 2.4 million. It has handled over 12.1 million contracts.

Celo seems to be popping off. Impressive user and transaction growth numbers lately.

Anyone know what’s driving this? pic.twitter.com/0yhA0fpjSS

— Haseeb ＞|＜ (@hosseeb) June 30, 2023

The other important Celo news is that the developers recently integrated Chainlink’s data feeds. Chainlink, the biggest oracle network in the world. An oracle is a platform that connects off-chain data to the on-chain. In an announcement, the head of ecosystem growth at Celo said:

“Chainlink Data Feeds will empower Celo developers, providing critical access to oracle data and services and bolster Celo’s dApps to drive real-world impact and solutions.”

Celo price prediction

The 4H chart shows that the CELO crypto price has made a strong bullish trend in the past few weeks. As it jumped, the token rose above the key resistance point at $0.5686, the highest level on June 3rd. It has moved above the 25-day and 50-day moving averages.

A the same time, the Relative Strength Index (RSI) moved to the overbought level. The MACD has jumped to the highest level in months. Therefore, with the coin being overbought, there is a likelihood that Celo will retreat and retest the support at $0.5686.