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- Celo is voting on a proposal to increase the network’s gas fees.
- Its BTC valuation increased by 10%, amounting to 0.00003319 BTC.
- Volume went up by more than 220% in the past 24 hours.
Celo is a mobile-focused smart contracting platform compatible with Ethereum’s Virtual Machine (EVM). The network is voting on a proposal to increase the network’s minimum gas threshold. The Celo Governance Proposal 0066 is being voted on and will end on Jan 27.
The proposal made seeks to increase the minimum gas threshold to $0.001. Under this, the validator rewards from the gas fee will not be affected. It added, besides increasing the minimum benefits, the proposal will shield the network against spam attacks.
The Chart Tale
The CELO token has formed an upward movement since the beginning of 2023. The prices went up by nearly 78% since , with EMA ribbon forming bullish crossovers (green circle). The price showed a gain by about 12% in the intraday range. The volume reflected buyers taking active part in the market and with rising OBV, it shows the present situation to be optimistic.
The CMF moves closer to the baseline to set the market at neutral force. The MACD records a hill of buyers, now declining as the lines move closer to each other. The RSI revolves around the 70-mark range to reflect buyer participation.
The peephole
The smaller time frame suggests the prices to face a staggered rise, as many sellers become active to book profits. The CMF coincides with the zero-mark to display a neutral market. The MACD records a blend of buyers and sellers who interact in the market. The RSI, which moved to the region below the half line, rises to reach near 70-range. The analysis suggests a boom to occur after the voting ends and results are declared.
Conclusion
The Celo network is voting on the proposal 0066. The token may witness a high-run post-result declaration, and may happen again near Ethereum’s Shanghai Upgrade. The investors can rely on the support zone near $0.61 to invest in CELO.
Technical levels
Support levels: $0.61 and $0.41
Resistance levels: $0.91 and $1.15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
