- CELO price surged to intraday highs of $0.73 on Tuesday, with trading volume rising 139%.
- The surge followed news of Celo Foundation and Google Cloud teaming up to assist Web3 founders on the Celo blockchain.
- CELO price outlook suggests key barrier is at $0.74 while immediate main support is around $0.56.
CELO price shot up on Tuesday as the Celo Foundation and Google Cloud announced a strategic partnership to drive further adoption of Web3. CELO price traded at lows of $0.65 earlier in the day, but leapt to intraday highs above $0.73 after news of the collaboration reached the market.
At the time of writing, the CELO/USD pair had increased 7% with trading volume spiking 139% in the 24-hour period.
The heightened market activity had seen CELO price jump 20% over the past week as well as turning positive in the 30-day period with around 2% of upside.
CELO Price Rockets After Celo/Google Cloud Partnership
On Tuesday, the Celo Foundation revealed a tie-up with Google Cloud, the cloud computing services arm of tech behemoth Google. Celo price rose after the news.
According to the Celo Foundation, the alliance will help Web3 founders and developers building on Celo gain from workshops and computing services from Google. As per the foundation, Google Cloud has become part of Celo’s founders’ program and will play a major role in powering Web3-focused projects by offering credits for use across Google Cloud and Firebase platforms.
Firebase is Google’s mobile platform that offers cross-platform SDKs for developers to build and deploy apps.
Google Cloud’s core team is also set to provide mentorship and guidance to initiatives through Celo Foundation’s Founders in Residence program. The leadership efforts will also be available during Celo Camp, an eight-week virtual accelerator program, with Google Cloud now joining key backers including Twilio SendGrid, HubSpot, and Coinbase Cloud.
What Next for CELO Price?
CELO traded at highs of $0.92 in early February. Currently at $0.69, Celo is more than 90% down from its all-time high of $9.82 seen in August 2021.
As for the short-term technical outlook for CELO, the current price is above the coin’s 200-day simple moving average (SMA). However, after hitting intraday highs above $0.73, the retreat below 70 cents has CELO/USD beneath the 50-day SMA.
Celo price on the daily chart. Source: TradingView
The 50 SMA provides the immediate resistance level, though its trajectory suggests further downside pressure if a death cross forms. Despite this, the support of the longer moving average could assist buyers target today’s highs and the February peak in the short term.
The daily Relative Strength Index (RSI) is above 50 to suggest momentum is with the bulls. However, if sellers regain control, CELO price could revisit $0.65 and possibly the immediate support base at $0.56.