CELO dips by 4% despite Celo ecosystem raising $77 million

CELO has lost more than 4% of its value in the last 24 hours despite the development announcing a huge funding round yesterday.

The cryptocurrency market could end the week in a bearish trend as most coins are trading in the red zone. CELO, the native coin of the Celo blockchain, has lost more than 4% of its value today and is now trading at $0.700 per coin.

The poor performance comes despite the Celo team announcing a huge funding round yesterday.

This just in. 🗞️

Celo ecosystem partners have raised over $77 million to support financial inclusion, interoperability, regenerative finance (ReFi), and more.

Here’s the round-up ⤵️

— Celo (@CeloOrg) October 27, 2022

Celo revealed that the Celo ecosystem partners had raised over $77 million to support financial inclusion, interoperability, regenerative finance (ReFi), and more.

The poor performance coincides with that of the broader crypto market, which has lost more than 2% of its value today. The total crypto market cap now stands at $982 billion.

Bitcoin continues to trade above $20k but could slip below that level soon after losing 2% of its value in the last 24 hours. Ether is also down by more than 2% today and is trading around $1,500 per coin.

Key levels to watch

The CELO/USD 4-hour chart has turned bearish as Celo has been underperforming over the last 24 hours. The technical indicators show that CELO is losing some of the gains it accumulated this week.

CELO/USD Chart By TradingView

The MACD line has dropped into the negative zone, indicating a bearish momentum. The 14-day relative strength index of 39 also shows that CELO could enter the oversold region if the negative trend continues.

If the bears remain in charge, CELO could drop below the $0.663 support level for the first time this month. The bulls have maintained CELO’s price above $0.60 over the last few months and could do so again over the next few hours and days. 

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