Celo Loses 5% of its Value Despite the Team’s Recent AMA Session

The cryptocurrency market has lost more than $200 billion since the start of the week. The leading cryptocurrencies like Bitcoin and Ether have lost major support levels due to the recent bearish trend.

Celo Team Holds an AMA Session on DeFi

Celo Org, the development team behind the Celo blockchain, hosted an AMA session yesterday. The team talked about the decentralized finance (DeFi) space and the developments recorded in the past few months.

Celo is an open platform that supports numerous distributed applications and smart contract development. It also supports payments using e-mail addresses and phone numbers as public keys. The project proposes address-based encryption, which differs from the identity-based encryption model.

CELO, the native token of the Celo blockchain, is down by more than 5% over the past 24 hours. The decline in the coin’s value comes despite the team’s AMA session a few hours, and CELO’s poor performance coincides with that of the broader cryptocurrency market.

CELO Could Drop Below $4

The broader cryptocurrency market has been in a bearish trend for the past few weeks. More than $200 billion has been wiped out from the market in the last four days. Bitcoin lost its major support level at $45k while Ether is struggling below $3,500.

CELO’s technical indicators are still positive. Source: FXEMPIRE

The CELO/USD daily chart also shows that the cryptocurrency is currently underperforming. The technical indicators are still bullish, but the coin’s value could drop lower over the coming hours.

CELO is trading at $4.6 per coin, just above its 50-day moving average of $4.5. If the bearish trend continues, CELO could drop below its 50-day EMA over the coming hours. The MACD line is above the neutral zone but could slide into the negative region if the losses continue. The 14-day RSI of 43 shows that CELO could soon enter the oversold region.