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Elrond

Is Elrond ($EGLD) Ready To Hit $300 Again?

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  • EGLD is trading at $241.78 with a +17.57% gain in the last 24 hours.
  • It keeps on climbing up over the past few weeks.
  • On September 14, 2021, it reached its new all-time high of $302.14.

Elrond (EGLD) keeps on climbing up over the past few weeks. On September 14, 2021, it reached its new all-time high of $302.14. Will EGLD reach the $300 level again soon?

Elrond/TetherUS | Source: Tradingview

The Elrond blockchain protocol aims to provide very fast transaction speeds through sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance, and the Internet of Things. More so, its platform is reportedly capable of 15,000 TPS, six-second latency, and a $0.001 transaction cost.

Also, the blockchain has a native token known as eGold or EGLD. It is used for paying network fees, staking, and rewarding validators.

Recently, it had a lot of partnerships including Copper, a leading digital gateway provider. Also, KuCoin listed EGLD last week. If Elrond keeps on announcing more interesting updates, listing, and partnerships, no doubt it will climb up to $300.

At the time of writing, EGLD is trading at $241.78 with a +17.57% gain in the last 24 hours. If it can perform the same way it did last week with a 37.18% surge, it can surely reach the $300 level.

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Elrond price might plunge to $280 as fear takes over investors

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  • Elrond price is in its fourth consecutive day of losses after hitting new highs at the beginning of the week.
  • EGLD price has accelerated its downtrend as global market sentiment is acting as  a headwind for cryptocurrency assets. 
  • Expect another 30% correction before bulls engage in buying the dip at around $280.

Elrond (EGLD) continues its downside move after tumbling from towering all-time highs at the beginning of the week. Bulls are struggling to build support to keep price action in check. Bears pushed Elrond price further to the downside with the move accelerated by bulls booking profits and releasing supply. EGLD price rolled over today as part of  a global sell-off in the markets driven by Covid fears. Expect EGLD price to look for firm support, as multiple plateaus present themselves to the downside.  

Elrond price further corrects, plenty support levels to slow down aggressive selling

Elrond price sees bulls in a rout after missing out on the chance to take  profits after hitting new all-time highs at $560,00, at the start of the week. Now downside has accelerated and pierced the monthly R3 resistance at $420 and the 61.8% Fibonacci retracement level at $404.64. 

EGLD bears will want to keep  the momentum going to the downside,  but it may ease at around $363 where they will face the R2 resistance level and the 50% Fibonacci level at $344. These two elements will already have slowed down the bearish move and triggered profit taking along the way. 

EGLD/USD daily chart

EGLD/USD daily chart

As bears  push EGLD price down to test the monthly R1 resistance level at $320, it will give bulls the chance to pick up some Elrond at a discount. . With the 55-day Simple Moving Average (SMA) proving its support since September on several occasions, expect the downtrend to halt at $296, for a bounce and a quick spike back up towards $344, which is the 50% Fibonacci level.

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Since it is likely that by then, the nervousness in the markets will have calmed down, expect investors to take the opportunity to pick up EGLD at a discount, pushing it  further towards $490, by the end of next week.

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Here’s What’s Next for Decentraland, The Sandbox and Elrond, According to Crypto Analyst Michaël van de Poppe

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Cryptocurrency analyst and trader Michaël van de Poppe is warning traders against buying Decentraland (MANA), The Sandbox (SAND) and Elrond (EGLD) at their current prices.

Van de Poppe tells his 148,000 YouTube subscribers that following the “epic runs” of these three altcoins, it’s time for investors to take profits in Decentraland, a virtual-world blockchain; Elrond, a scalable blockchain; and The Sandbox, a gaming platform.

“…if you are in those projects, I think the point has come to actually take profits, especially when it comes to MANA and SAND. Those have been running heavily. You have to take profits before a heavy correction starts to take place because at this point the downwards momentum might be heavier than the upwards momentum.”

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Looking at the Elrond/Bitcoin (EGLD/BTC) chart, the crypto analyst says that buying opportunities are gone until a correction adjusts prices to the 0.005 BTC ($291) and 0.006 BTC ($349.20) level.

At time of writing, Elrond is trading at $427 while Bitcoin is exchanging hands at $58,200.

“If you’re seeking for any trade opportunity right now, I think the opportunities are quite gone. But the [EGLD/BTC] chart itself says that every level gets a beautiful retest taking place here before it starts to continue.

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So I’m looking at any of these two levels [between 0.005 BTC and 0.006 BTC] to take any entry from, based on a daily time frame.”

Van de Poppe says he’s hoping to pick up SAND if it retraces down to about 0.00007 BTC ($4.07). The asset is trading at $7.27 at time of writing.

“So SAND, I’m not interested in trading this one at all. I’m going to look at anywhere in this region [below 0.00007 BTC] for any scalp opportunities.”

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Decentraland’s MANA is trading at $5.10 at time of writing. According to the crypto analyst, MANA could drop to around 0.000055 BTC ($3.20) where it could present opportunities for longer-term trades. He recommends looking for scalping opportunities if it starts trading below 0.00007 BTC ($4.07).

“You can start looking for scalp rates here [0.00007 BTC]. But more likely, we’re going to get into this region here [around 0.000055 BTC] where you want to take some trades.”

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Elrond price analysis: EGLD rallies high towards ATH at $534 as the bullish momentum continues

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  • Elrond price analysis is bullish today.
  • EGLD continues discovering new heights.
  • The coin has gained enormous value since 19th November.

The Elrond price analysis favors the bullish side without any doubts. The cryptocurrency continues discovering newer higher levels as the bullish momentum is very strong and aggressive, but the cryptocurrency is also in a highly overbought state now, and a correction seems unavoidable.

The Elrond started to rally higher on 19th November starting from $309 and continues upside till today as the price is now above the $500 psychological mark. Bullish momentum has not shown any signs of exhaustion yet, but the bulls may get tired soon.

EGLD/USD 1-day price chart: EGLD at ATH after ATH

The 1-day price chart for Elrond price analysis shows the cryptocurrency has rallied extremely high today as the bulls covered the upwards range today as well. The crypto pair is trading hands at $534.41 at the time of writing while trading in the range of $478 to $553 today. The EGLD/USD has gained a value of more than 16 percent over the last 24 hours and reports a whopping 73 percent gain over the past week, which is again beyond speculations. The trading volume has also increased by 26 percent and the market cap improved by 15.9 percent over the last day.

Elrond price analysis: EGLD rallies high towards ATH at $534 as the bullish momentum continues 1
EGLD/USD 1-day price chart. Source: Tradingview

The volatility is increasing as the Bollinger bands expand with the upper band at $472 representing support for the coin, and the lower band has moved down to $219, the average of the Bollinger bands is at the $346 mark. The moving average (MA) is trading above the mean average of the volatility indicator at the $381 mark.

As said earlier, the EGLD/USD is overbought, the relative strength index (RSI) is present in the overbought zone at index 88, still maintaining its upwards slope, indicating intensive buying activity in the market. As the crypto pair is already overbought, the RSI can turn downwards any time, giving a sell call.

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Elrond price analysis: Recent developments and further technical indications

The 4-hour Elrond price analysis shows cryptocurrency is covering a range upwards from the last 16 hours, so an hourly correction may soon take place as the bulls may need rest now before marching further high. The last correction took place around 16 hours before, and that was only for four hours. The very same pattern is obvious on the 4-hour chart since the EGLD has been rallying high.

Elrond price analysis: EGLD rallies high towards ATH at $534 as the bullish momentum continues 2
EGLD/USD 4-hours price chart. Source: Tradingview

The volatility on the 4-hour chart is also high, but here the upper Bollinger band represents technical resistance for EGLD at the $550, where selling pressure might kick in. On the contrary, the mean average of the indicator at the $431 mark represents the support zone for the EGLD/USD pair. The RSI is now trading on a straight line indicating a slow down in the buying activity authenticating our guess for correction to loom.

Elrond price analysis: Conclusion

The Elrond price analysis suggests that the cryptocurrency is aggressively bullish as it keeps breaking havoc on the bears by gaining extensive value on a daily basis and shows no signs of taking effects from the bearish market as it keeps going against the broader trend. If the bears step in, then the EGLD can find support near the $472 support zone. On the other hand, if the bullish momentum continues, then selling pressure may build around the $550 range, but it’s just a guess according to technical indications.

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