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CELO down by 20% ahead of its Flan hard fork today. Will it recover soon?

CELO has lost 20% of its value in the last 24 hours ahead of its hard fork scheduled later today.

CELO, the native coin of the Celo network, has lost 20% of its value in the last 24 hours. It is one of the many cryptocurrencies that have been underperforming since the start of the day.

The poor performance comes despite Celo announcing a major hard fork scheduled today. The Flan hard fork will activate at block height 16068685 on November 9 and will not affect users.

The Flan Hardfork activates tomorrow! 🎉 🍮

Exciting upgrades include consensus security, a raise in the block gas limit, and ethers.js compatibility.

⏰ 8:30AM PT

Join the watch party:

Learn more:

— Celo (@CeloOrg) November 8, 2022

CELO’s plunge comes as the broader cryptocurrency market experienced a massive sell-off. The FTX struggles over the last couple of days have plunged the crypto market into a bearish trend, with most coins trading in the red zone.

The total cryptocurrency market cap is now below $900 billion, down by 10% in the last 24 hours. Bitcoin dropped below the $18k level for the first time in months after losing 8% of its value. However, it has slightly bounced back and is now trading above $18k.

Ether is also down by more than 15% today and is now trading around $1,200 per coin.

Key levels to watch

The CELO/USD 4-hour chart is extremely bearish, as Celo has been underperforming since the start of the week. 

CELO/USD Chart By TradingView

The MACD line is deep within the negative territory, indicating that CELO is currently experiencing heavy selling pressure from the market.

The 14-day relative strength index of 19 shows that CELO is currently in the oversold region. At press time, CELO is trading at $0.527 per coin. 

If the bearish trend continues, CELO could trade below the $0.50 support level for the first time in more than 6 months. However, in the event of an extended sell-off, CELO could trade below $0.40 for the first time in more than a year. 

Where to buy CELO now


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