Elrond (EGLD) Price May Break Past $56 Hurdle – Here’s How

Christian Encila

3 years ago

3 mins read

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Elrond, together with Polygon and Uniswap, were the three altcoins mentioned in a recent news report by CNBC to watch out for this month as they managed to tally significant gains despite the continued grip of bears in the crypto market.

Elrond is currently in a bullish pattern, ready to test the $57.7 resistance marker
EGLD could go as high as $67.5 if its bull momentum continues
Experts predict the asset ending the year with price closer to its November 2021 ATH

Elrond has successfully increased its September 28 price of $45.43 by 10% to trade at $55.65.

But the blockchain token improved its performance, painting its chart in green except for its year-to-date price which remained in red, much like the rest of the crypto space.

At press time, according to data from Coingecko, the altcoin is trading at $56.50 and is up by 3.9% for the past 24 hours and by 4.8% over the last week.

Its 14 and 30-days gains are also impressive, currently standing at 17.8% and 16.2%, respectively.

More Good News For Elrond

Elrond fell victim to a massive price correction over the past weeks, helplessly going down by as much as 32%.

But the asset’s current technical analysis chart shows its price is caught in a cup and handle pattern which in crypto space signals recovery.

Source: TradingView

The recovery happened but was short-lived and stopped at $57.5. Incidentally, this is the resistance marker that buyers struggled to surpass.

If Elrond resumes its bullish momentum and the crypto successfully breaks the crucial $57.7 price marker, it will catapult itself into a rapid bull run, reaching the $67.5 mark.

Investors and holders of the altcoin should still be cautious as a breakdown below the mentioned resistance marker will mean a price dump all the way to $51.5.

Elrond Price Prediction

As the cryptocurrency is recovering from the beating it took last month, experts share their analysis for Elrond price.

Leading forex and crypto education portal Trading Beasts said their logical algorithm predicts EGLD may reach $184 by the end of 2022.

Wallet Investor, on the other hand, gave two forecasts for Elrond price. The first one is that will exit the year with a trading price of $252. The second one is a five-year prediction for the token which they see reaching $612 in 2027.

Meanwhile, Crypto Gunther said too much variation between the asset’s maximum and minimum price makes it hard to decide whether to buy or not as its prediction for EGLD by the end of 2022 stands at $210.

Finally, public finance leader GOV Capital is the most bullish in terms of price prediction for the crypto as the company said it will end the year with a price of over $870.

Although the price forecasts seem out of this world considering the current value of Elrond, the asset has already shown it is capable of reaching such levels when it attained its all-time high of $545.64 in November 23, last year.

EGLD total market cap at $1.32 billion on the daily chart | Featured image from Zipmex, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.