- Celo token made a strong comeback on Monday.
- The network announced that it was moving back to Ethereum.
- The developers will also deploy the Allo protocol in August.
Celo token price popped on Monday after the company decided to move back to Ethereum’s network. The coin jumped to a high of $0.6140 on Monday, the highest level since July 4th. In all, Celo has risen by over 65% from the lowest level in June.
Celo to move back to Ethereum
Celo is an EVM-compatible blockchain network that focuses on mobile platforms. It is targeting a huge market since billions of people have smartphones today.
It is a carbon-negative platform that has about 5 seconds average block time. The network has handled over 262 million transactions at an average gas fee of $0.0005.
Celo price jumped on Monday after the developers announced that it was moving to Ethereum’s network. It is doing that using Optimism stack, a leading layer-2 network in the blockchain industry. In a statement, cLabs said:
“It has become a viable path by which to allow Celo to align even more closely with Ethereum — by connecting trustlessly with it and leveraging its economic security.”
An optimistic rollup is a technology that handles transactions off-chain and is considered valid even before they move to Ethereum’s network. These layer-2 networks have become extremely popular and are now handling a substantial amount of transactions.
Read more: How to buy Celo.
Celo price also rose after the developers revealed that a new upgrade was coming. In a tweet, Celo said that it would deploy Allo protocol on Celo in August. Allo is a capital allocation tool that helps people fund what matters in their communities. The developers revealed this at an event in Paris called CoOperate.
Celo price prediction
Celo crypto price dropped to a low of $0.3506 in June and then bounced back. It has flipped the important resistance level of $0.4013 (November 14 low) into support. Most importantly, the coin has jumped above the 50-day and 100-day moving averages. It has also retested the important 200-day MA while the MACD has jumped above the neutral point.
Therefore, there is a possibility that the Celo token will continue rising as buyers target this month’s high of $0.6751. A move above that level will signal that bulls have prevailed, which will push it to the next resistance level at $0.9270. This target is about 62% above the current level.
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