Cryptocurrency The market has recently started a bullish attempt again and many leading cryptoassets are starting to gain traction. Successful to be among those who have been on the rise Elrond (EGLD) may gain up to 20% in the coming days.
Koinfinans.com As we reported, Elrond’s native token EGLD is currently trading around $52.44, although that price could rise as high as $60 next week. Looking at the overall picture, the price is currently 90.4% lower than the highest level.
Intraday trading volume was also impressive, reaching more than $71.6 million, with a total market cap of just over $1.2 billion. Altcoin continues to be in the top 50 of the top cryptocurrencies and is currently ranked 46th.
Forecasts for the asset’s near future are quite bullish with some pointing to a significant price increase for the coming weeks.
Elrond Price Action Pattern
In the cryptocurrency market, a parallel channel pattern offers traders multiple opportunities as it shows a rally towards two trendline barriers. This formation is interpreted as very useful for the so-called counter-trend move.
While the entire crypto market is bearing the brunt of another volatility driven drop, Elrond’s price has been observed to be based on the channel pattern mentioned above.
With such a trend continuing, it was expected that Elrond would once again undergo a serious price correction and the asset would visit the June low of $38. EGLD however, it broke these expectations and started trading between $45 and $50 without registering a drop in price and then rose towards its current levels.
With the two trendline barriers of the parallel channel, Elrond is now expected to gain some momentum and start a bullish run. If buyers can retest and break the $54.5 barrier, the crypto is watching closely for a nearly 20% rise in value and the price could indeed climb as high as $60.
However, that will be a pretty pale move compared to Elrond’s success when it hit an all-time high last year.
On November 23, 2021, the price reached a trading value of $545.64. At $52.44 it has lost 90.4% of its all-time high and Elrond is trading far from its high.
Meanwhile, for 2023, the digital currency is expected to grow further in terms of trading price. Elrond could start the next year with a January high of $95.81. By the end of next year, the asset could reclaim some of its all-time high at $123.03, its December high.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.