Elrond is currently among crypto assets that are “in the green” after enduring another trying week for cryptocurrencies.
- Elrond trades currently at $52.44
- Coin to hit $60 in the coming weeks
- Elrond at 90.4% less than its ATH
As of press time tracking is from CoinGeckoEGLD traded at $52.44. Its value has increased by 12.3% over the past seven days and also experienced a 24 hour increase of 7.4%.
Its intraday trading volume of more than $71.6million is quite impressive. However, its market capitalization just north of $1.2billion is less than half that. This is enough to keep the cryptocurrency in the Top 50 Digital Currency Rankings, ranking 46Th overall.
Predictions for the asset’s immediate future are rather bullish, with some hinting at a significant price boost for the next weeks to come.
Elrond Price Movement
Parallel channel patterns are a great way to trade in crypto. They show a rally against two trendline barriers. For what’s called a “counter-trend move”, it is very useful.
While the entirety of the crypto market bore the brunt of another volatility-induced downfall, Elrond’s price was observed to lean on the aforementioned channel pattern.
Under such trend, it was expected that Elrond will once again experience a severe price correction, duplicating the asset’s June low of around $38.
However, that didn’t happen. Instead, it traded in the tight range of $50-$45 and then rose to its current price.
EGLD – Price Prediction for the Next Weeks
With the parallel channel’s two trendline barriers, Elrond is now expected to gain some steam and start a bullish run.
Crypto could be on the verge of a significant value rise if buyers are able break the $54.5 barrier.
However, it is significantly lower than Elrond achieved last year, when Elrond reached its all-time peak.
The blockchain token reached a trading value of $545.64 on November 23rd 2021. The price at $52.44 is now 90.4% lower than its high, and Elrond continues to be far from that.
In the meantime, digital currencies are expected to see a rise in their trading price for 2023. Elrond’s January high price will be $95.81.
The asset may regain a part of the December high of $123.03 by the end next year.
Source: TradingView.com| Source: TradingView.com Image featured from Zipmex. Chart by TradingView.com