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New Milestone For Google And MultiversX, Partners Launch New Data Integration

In a new development for their partnership, MultiversX has announced its integration with Google BigQuery, marking a significant milestone in making blockchain data more accessible and insightful, per an official post.

MultiversX Ecosystem Gains a Boost With BigQuery Integration

This integration hints at potential growth for the MultiversX ecosystem, underscoring the network’s commitment to enhancing the user experience and assisting its developer community by providing them with new tools.

With this latest collaboration, Google replicates its role as the internet’s information custodian by making MultiversX’s blockchain data readily accessible through BigQuery. This platform operates as an enterprise-grade cloud data warehouse.

The official post claims this move will “democratize access to blockchain insights, offering unprecedented transparency and analysis capability to users and developers alike.”

Integrating BigQuery enables anyone with an account to delve into the MultiversX network’s intricacies without needing specialized software or the lengthy process of syncing the ledger.

Users can now easily query the network’s data, including details about the top 100 block producers, daily transaction counts, and much more, as seen in the chart below. This capability is expected to drive further innovation and development within the MultiversX ecosystem.

Google MultiversX EGLD EGLDUSDT GOOGL

Lucian Mincu, CIO of the MultiversX Foundation, highlighted the significance of this development, stating:

Analyzing and interpreting data to reveal useful insights about product usage is a science barely explored in the web3 space. Having Google resolve a big part of the hassle for MultiversX projects is an important step towards making dApps better, more useful, and more appealing to the masses.

Google Support Accelerates MultiversX Development

In addition to data accessibility, the partnership between MultiversX and Google Cloud encompasses a wide range of initiatives to accelerate Web3 adoption and ecosystem expansion. As announced during the xDay 2023 Conference in Bucharest, Romania.

These include a startup accelerator program, hackathons, developer initiatives, and joint business developments. MultiversX’s presence at the company’s booth at GITEX Global in Dubai in 2023 exemplifies the partnership’s deepening collaboration.

The partnership also shows Google Cloud’s commitment to supporting the blockchain community, as highlighted by Daniel Rood, Head of Web3 EMEA for Google Cloud. The partnership aims to drive adoption, “accelerating” the growth of the MultiversX ecosystem and, by extension, the broader Web3 space.

With Google’s backing, MultiversX is poised for accelerated growth, bringing new opportunities for users and developers.

MultiversX EGLD EGLDUSDT

As blockchain technology continues to evolve, partnerships between MultiversX and Google BigQuery are pivotal in shaping the future of digital assets and Web3. By enhancing data accessibility and supporting the development community, MultiversX and Google are setting new standards for innovation and collaboration in the blockchain space.

Chart from Tradingview

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Altcoins Rally: What’s Next After The Breakout

Altcoins have witnessed a significant surge recently, with their collective market capitalization rising from $575 billion to $615 billion in just a few days – an increase of 7%. This momentum hints at the potential for further growth in the Altcoin sector.

Breakout From Descending Triangle

The Altcoin market capitalization had been trading within a descending triangle pattern since its yearly peak in April. This technical pattern, characterized by a series of lower highs but consistent lows, typically signals a bearish sentiment – suggesting that each rally is met with increasing selling pressure, keeping upward price movements in check.

Related Reading: November Outlook For Bitcoin Price: Another Pump Or Retrace?

However, this past weekend marked a pivotal change. The market capitalization decisively broke through the pattern’s upper resistance line, surging by 7%. Such a breakout from a descending triangle is a bullish pattern, often indicating a reversal of the prior downtrend. With this breakout, the market cap is now eyeing the target set by the initial peak of the pattern, which could mean an additional increase of 7%.

 

The significance of this breakout is further highlighted by the fact that the Altcoin market cap has not only broken through the resistance but also surpassed the previous high set in July. This breach could signal that the market is transitioning from a bear-dominated phase to a bullish one, where buyers are regaining control and pushing the market to new heights.

Bitcoin Decreasing Dominance

Bitcoin’s dominance on the market has recently slipped to 52.50%, down from its annual peak of 54%. This is a normal market fluctuation, considering Bitcoin had been on a ten-week streak of increasing dominance.

Related Reading: Bitcoin Season: Leading The Charge In The Crypto Market

Yet, it’s crucial to note that Bitcoin’s market share has dipped below the pivotal 53% support level. Should Bitcoin fail to reclaim dominance above this support level, we could anticipate a further decrease to the next support at 49%, opening the door for Altcoins to capture a greater portion of the cryptocurrency market cap.

In bear markets, Bitcoin’s dominance tends to increase as the market pulls back, which suggests that if Bitcoin manages to hold or increase its price, Altcoins could experience further rallies.

 

Conversely, an increase above the 53% support could set Bitcoin out for the next resistance at 58%, at the expense of Altcoins’ market share.

Historically, bull markets often begin with Bitcoin leading the way due to events like the halving event, which reduces the inflow of new Bitcoin.

Nonetheless, there are still phases when Altcoins rapidly gain momentum, experiencing significant and rapid price increases. The current market breakout, along with a reduction in Bitcoin’s dominance, hints that such a phase could potentially unfold now.

Top Altcoins Gains

In the past week, many Altcoins have witnessed remarkable gains. Here are the top performers:

  • Pancake Swap: +95%
  • Trust Wallet Token: +53%
  • Neo: +48%
  • MultiversX: +46%
  • Blur: +45%

Predycto is the author of a cryptocurrency newsletter. Sign up for free. Follow @Predycto on Twitter.

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xDay 2023 Day 3: Interview With Bogdan-Gruia Ivan, Romanian Minister of Research, Innovation and Digitalization

In the next three days, our team at NewsBTC will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 and focused on the Metaverse, scalability, and global adoption by simplifying users’ access to crypto.

xDay 2023: “No Time To Waste In Driving Innovation”

On the event’s third day, we sat down with Bogdan-Gruia Ivan, Romanian Minister of Research, Innovation and Digitalization. The Minister intends to support the crypto community and builders by attracting capital into the country, giving crypto companies tax exceptions, and implementing a new legal framework to provide them with clarity and security.

xDay 2023 MultiversX

The Minister sees himself as a “true believer” in blockchain, artificial intelligence, and their capacity to drive innovation in the country. “There is no time to waste,” he said, as he promised to turn words into facts. This is what he told us:

Q: How do you feel about the event and projects coming out of MultiversX?

A:

The first time I was in the Romanian Parliament was 20 years ago. For two years, I served as a member of the Chamber of Deputies. I’m a member of the parliament now, and I feel I have never seen the Romanian Parliament in such a great way, looking so well and having that positive and brilliant vibe about shaping the future. It’s amazing what Beniamin (Mincu) and Multiverse X are doing here.

Q: How is Romania going to support MultiversX and the crypto community? Can implementing Markets in Crypto-Assets (MiCA) help you achieve your goals?

A:

First of all, right now, we already have a Romanian memorandum, an understanding of how we could improve and we are working on a legal framework about technology and about blockchain. Once we pass all reviews from all public institutions, next week, we’ll bring it into the government, and we’ll make it the legal framework for blockchain and emerging technologies. So that is one of the strategic points of developing and putting Romania on the map.

The second one is the Romanian AI strategy. We want to launch on 26 September with an entire large debate about our AI strategy and we’ll finish it by the end of the year. And after that, we’ll pass a legal framework for AI.

Third, Romania has huge potential, the most brilliant minds of our young people from the IT sector, and with them, we had to figure out how we could improve and be part of quantum technology (…). And in my opinion, Romania could provide, could be the regional provider, and could be the great hub for entire software and for quantum technologies. So in that way, we’ll launch the framework and the national debate about quantum strategy in two or three weeks.

Q: Do you think cooperation with crypto projects will extend to other members of the European Union?

A:

I’m interested in that because we’re part of the change. We are in the same stage with our partners (…). But at the same time, I want Romania to have its own position in that game. So I would like to put Romania on the map, so it can lead the cryptocurrencies and other emerging technologies because of the ecosystem (in the country), because regulations are friendly, because we have that golden mine in the minds of those bright young people. So that’s why I want Romania to lead in crypto and not only in crypto.

As of this writing, the price of Bitcoin approaches $30,000.

xDay 2023 MultiversX EGLD

Cover image from MultiversX, chart from Tradingview

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xDay Event Day 2: Google, Amazon, Binance Labs, And A Chat With Sunny Aggarwal

In the next three days, our team at NewsBTC will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 and focused on the Metaverse, scalability, and global adoption by simplifying users’ access to crypto.

multiversX google elgd

Summarizing The MultiversX Event, Day 2

In the early hours, the CEO and Co-Founder of MultiversX, Beniamin Mincu, announced a partnership with big tech giant Google Cloud. The company pledged to help the community of MultiversX builders, and Google Cloud will secure all data running on this blockchain.

The community celebrated the announcement, followed by other major partnerships, including Axelar, to improve its interoperability with Telekom, which will become a validator for MultiversX.

Other representatives from big tech companies, from Amazon Cloud to Deloitte and Tecent, spoke during the event about Gaming, ways to drive growth and adoption, and the convergence of Gaming, the Metaverse, and Web3.

From the crypto space, Alex Odagiu from Binance Labs and Danilo Carlucci from Morningstar Ventures discussed the importance of data, and the different ways crypto investors are using it to make investments during bull and bear markets.

Overall, attendees were impressed with the event’s capacity to gather a big crowd during a bear market and the partnerships announced throughout the day. The sentiment was optimistic about the future of blockchain and crypto.

Interview With Sunny Aggarwal, Co-Founder At Osmosis Labs

During the event, we got to chat with Sunny Aggarwal, a co-founder at Osmosis Labs, the company behind the decentralized protocol running on Cosmos. One of the most prominent decentralized finance (DeFi) protocols in this ecosystem, the DEX has processed over $3 billion in trading volume, according to data from Token Terminal.

Aggarwal is a validator for MultiversX, the “only non-Cosmos” network he validates. In an interview with our team, the Osmosis Co-Founder spoke about the early days of MultiversX, when the project was known as Elrond Network.

Aggarwal was one of the first to see the Elrond (MultiversX) Whitepaper and has been helping as a “non-official” external consultor ever since. During the interview, the Cosmos Co-Founder spoke about the passion and the drive behind MultiversX.

Speaking about the factor that makes MultiversX stand out from other blockchains, he mentioned their flagship product, xPortal. The “SuperApp” tries to offer users finances, social interactions, and payments, all using a single app. Aggarwal said:

I actually think xPortal was a big one. I remember they showed me, it wasn’t called xPortal back then. It had a different name, but when they showed it to me back in 2020. At the time, it was the best mobile wallet I’ve seen. I think the work that they did around the UX and when you log in, you get a username right away. And I think that they were very early on understanding how the UX has to be done. So I think that’s a very big interesting (…).

During the event, the team at MultiversX has been trying to remove “Web 3,” “crypto payments,” and similar words from their narrative. The team believes just “Web,” or “money,” is a better message for the users. Aggarwal agrees with the message, which heavily focuses on adoption:

I think the users don’t care about how the technology works. I think they care about what it does, but also they want to know, telling someone something is a cryptocurrency is not what matters, what matters is telling them it’s secure from hacks or that it’s private. That’s what matters, right? You have to sell the features that cryptocurrency gives you without necessarily having to know (the technology).

Cover image from MultiversX, chart from Tradingview

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xDay 2023: Elon Musk’s X Competitor? xPortal Unveils Rival Features

In the next three days, our team at Bitcoinist will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 to focus on the Metaverse, one of the hottest trends in crypto.

During the event, the head of product for MultiversX’s native “SuperApp” xPortal, Sergius Biris, unveiled new features to expand the ecosystem. The project aims to onboard new users to the network by providing social interactions, a bridge with other blockchains, and more to compete with Elon Muk.

elon musk multiversX google elgd

xPortal Goes After Elon Musk’s Ambitions

Since last year, when Musk acquired Twitter (rebranded as “X”), the entrepreneur has progressively tried to turn it into something more. The social media app allows users to receive tips, subscribe to their favorite content, and interact with non-fungible tokens.

These features highlight the relevance for users to operate with a single hub. MultiversX and xPortal want to compete with Elon Musk by providing users access to these and other features announced during the conference, such as gamification, access to the metaverse, and NFTs to provide a “multifaceted digital experience.”

In contrast with X and Musk’s attempts, the team behind xPortal believes they have a critical advantage: their product is live and has over 1.5 million users already transecting and interacting with the MultiversX ecosystem.

Moreover, MultiversX has a vision to remove all friction from onboarding their ecosystem. Thus, xPortal announced a new fiat to crypto on and off-ramping capability and a feature enabling users to swap their tokens.

For European users, xPortal will enable peer-to-peer fiat payments with the traditional banking system, SEPA and SWIFT, earlier next year. During the conference, Biris stated:

The features launched today, most notably the debit cards, were a long time in the making. Today’s launch elevates xPortal from a crypto wallet to a financial super app. We thus created a bridge to an interconnected future where the lines between crypto, fiat, and emerging technologies like AI dissolve, bringing an unparalleled user experience.

The new features also included tools for developers and creators to leverage the MultiversX ecosystem. The xPortal app already allows them to launch their products for users to download quickly, similar to Apple’s Appstore and Google’s PlayStore.

Turning Web3 And Crypto Into “Money”

The conference has been conducted under a key vision: users want to leverage the technology, so crypto projects need to focus on security, scaling, and making accessible products. Rather than “Web3” or “Web4,” xPortal is about turning crypto into “money” available for anyone.

Sergiu Biris, Head of Product at xPortal, spoke to us during the event in an exclusive interview and shared the project’s vision:

They have to be able to do anything, whether it’s crypto or fiat, they don’t have to think about Blockchain is this, blockchain is not money. We are trying to dissolve those barriers between crypto and fiat because in our vision, money, it’s just money. And that’s why we want to make it easier for anyone to do whatever they need in terms of financial needs through the app.

Cover image from MultiversX, chart from Tradingview

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xDay 2023 Day 2: Google And MultiversX Join Hands, How The Big Tech Giant Will Support The Community

In the next three days, our team at NewsBTC will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 and focused on the Metaverse, one of the hottest trends in crypto.

On day two of the event, the MultiversX team, spearheaded by Beniamin Mincu, announced a partnership with big tech giant Google. The partners will work on driving adoption and “accelerating” the expansion of Web3 and the MultiversX ecosystem.

multiversX google elgd

Google Cloud Pledges Financial Support For MultiversX Ecosystem

In conversation with Daniel Rood, Head of Web3 EMEA for Google Cloud, the partners spoke about the similarities in the obstacles faced by Google to reach billions of users. Mincu stated that this partnership with the big tech giant will help the network increase its adoption.

The partnership will be supported by “4 pillars,” as stated by Rood. In that sense, the big tech giant announced that the data running on the MultiversX will be embedded directly into the Google Cloud infrastructure, adding an extra layer of security for the blockchain.

In the past two years, MultiversX, formerly Elrond, implemented a sharding architecture capable of handling over 100,000 transactions per second. The project has focused heavily on providing its users and builders with a secure and scalable infrastructure; this partnership is another step in that direction.

The MultiversX CEO stated the following about the partnership:

We are excited to unveil this collaboration as part of a strategic plan meant to expand our ecosystem and bring significant opportunities for users and developers. MultiversX is in a unique position, with great potential for accelerated growth, and the additional products and services brought by Google Cloud are a key contribution to that.

On the stage, Mincu expressed excitement about what the partnership represents for the MultiversX ecosystem and the nascent industry. The announcement was received with applause by the community.

The MultiversX CEO emphasized their role as the “engine” driving the ecosystem. Thus, Google Cloud will also offer financial aid and pledge to create spaces like hackathons where builders can benefit from the partnership.

During the xDay 2023 event, a hackathon will reward the community with $1 million in prizes and further funding. Daniel Rood, Head of Web3 EMEA for Google Cloud, added the following:

There are exciting opportunities to enable Web3 developers to build and scale faster and as we explore new verticals within the space, our partnership with MultiversX will allow us to expand our strategy and reach further and solidify our position as one of the main innovation drivers in the blockchain world.

Cover image from MultiversX, chart from Tradingview

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xDay 2023 Day 1: How MultiversX Is Bridging The Metaverse, AI, And Blockchain Under Ecosystem

In the next three days, our team at NewsBTC will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 and focused on the Metaverse, one of the hottest trends in crypto.

Following The Trend, What To Look For At xDay 2023?

In addition to rebranding, the project launched new products, including a “Super App” called xPortal, to expand its ecosystem. The project founder and CEO, Beniamin Mincu, has been vocal about their attempts to provide “real” use cases and value to their users and foster a new financial system supported by blockchain, AI, the multiverse, and other technologies.

We went to xDay to explore how MultiversX works to achieve this goal and what makes this ecosystem unique. The event will begin today, October 19th, and will last three days to wrap up this upcoming Saturday, October 21.

Mincu told us in an exclusive statement:

xDay brings together builders, government officials, executives from major global companies and investors for 3 days of meaningful dialogues on the latest trends and advancements at the intersection of blockchain, AI, Metaverse and Web3. A great opportunity to build bridges across industries and uncover our latest innovations, products and strategic partnerships.

xDay 2023 EGLD EGLDUSDT MultiversX

The Technological Renaissance Runs On The Blockchain

The event will be subdivided into chapters, with the first two chapters dedicated to discussing MultiversX and its ecosystem, its technical milestones, and the projects building on top of this network. Mincu and other vital members of MultiversX will take center stage.

In addition, the Romanian Minister of Energy, Sebastian Burduja, and the Romanian Minister of Economy, Stefan Radu, will talk about the potential for blockchain and crypto to drive innovation and growth in the country.

The third and fourth chapters of the event will focus on partnerships, with Daniël Rood, Head of Web3 at Google Cloud, Tobias Jung from Deutsche Telekom, Nikita Kharchenko from Amazon Web Services, and Liu Bin from Tencent Cloud taking over the stage.

These experts will discuss ways to drive global adoption of Web3, regulation, scalability, and interoperability across different sectors and regions. Representatives from Circle, Osmosis, Binance, KuCoin, Deloitte, Ledger, Trust Wallet, and others will speak about investment strategies, staking, security, and other relevant topics.

Finally, on the final day of the xDay 2023 event, new technologies and their integration with blockchain and crypto, such as Artificial Intelligence and the Metaverse, will become the focus. Across the event, the community will have a voice as the Palace of Parliament in Bucharest becomes a place of dialogue. The CEO of MultiversX added:

A catalyst for bridging the gap between Web2 and Web3, this event plans to reignite European ambitions, marking the beginning of a technological Renaissance (…). Over the next 3 days, we’re diving deep. Expect hands-on demos, product unveilings right from this stage, firsthand accounts of our newest strategic partnerships, and spotlights of the most audacious grassroots projects from our vibrant ecosystem, that are turning heads and setting trends. But beyond the tech, beyond the unveilings, xDay is a forum for dialogue.

The event will be live-streamed via the project’s official channels. The event will become available for the worldwide crypto community a few days later.

Cover image from MultiversX, chart from Tradingview

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Elrond Coin Looks To Breach $55 Resistance – Is $65 Hittable This Month?

Elrond was rising before leveling off at around $54.40. The EGL price has recently broken through a key price resistance level, rising above $56.37.

On weekly, biweekly, and monthly time frames, Elrond has been performing bullishly, based on data by Coingecko, Thursday.

This bullish movement may have been prompted by recent events. On September 22nd, Opera users who have enabled the built-in crypto wallet will be able to utilize EGLD. The market may react to these events by increasing the price.

But will EGLD’s price be able to continue to push above the $55 barrier – or will that level finally prove to be too much to overcome? Bulls are eyeing the $65 mark, but even that proves to be a major challenge.

A Clue To The Puzzle That Is Elrond

The token is trading at $56.19, which is a loss as of this writing. The recent market action has established a bullish cup and handle pattern, which should help push prices through the $57.84 barrier, data from Coingecko show.

At the time of writing, both the RSI and Chaikin’s money flow index show bullish convergence, which is excellent news for the altcoin as a whole. The momentum indicator, however, shows that bullish enthusiasm is losing steam.

Despite the construction of a cup and handle, this may be a negative indication for the market. The 50-day and 100-day simple moving  averages are also providing dynamic support for the potential bull run.

Chart: TradingView
EGLD: Bull – Or Bear Run?

Now that the technicalities are out of the way, we can claim that EGLD is currently slowing down. This may be an indication that a correction phase will occur in the next days or weeks.

With present support around $54.40 and resistance at $57.80, the bulls have a very narrow margin of error.

The momentum deceleration may propagate to other indications, compelling bulls to make decisions that will inevitably exert downward pressure on the coin.

The prior rejection of $57.80 may signify the beginning of a market correction. The present sideways price trend does not portend well for the token, particularly in the immediate term.

The tight ascending triangle for the handle of the cup will not aid EGLD investors and traders in achieving the anticipated relief rally.

As of this writing, bears have seized control of the Elrond market and are creating a downturn. Traders should focus on the shorter time frames.

If the bears ever gain sufficient momentum, a defense at $51.76 and a fallback at $46.16 will halt the downturn.

EGLD/USD pair trading at $57.97 billion on the daily chart | Featured image from Bankless Times, Chart: TradingView.com

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

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Elrond And Aptos Take Over Crypto Market, Negative Consequences For Top Coins?

Elrond (EGLD) and Aptos (APT) are attractive in a sideways market as they record extreme price fluctuations. This price action is attracting market participants tired of Bitcoin and Ethereum trending sideways, chopping out long and short positions. 

Launched a day ago in most crypto exchanges, Aptos experiences massive price fluctuations. At the time of writing, Elrond trades at $57 with a 4% profit in seven days and a 20% profit in thirty days. In the meantime, Aptos deals at $7 with a 47% loss in the last 24 hours. 

EGLD’s price trends to the upside on the 4-hour chart. Source: EGLDUSDT Tradingview
Retail Traders Pile In, Betting On Elrond and Aptos

NewsBTC reported earlier that Bitcoin and larger cryptocurrencies would likely continue with their sideways movement over the coming weeks. This sideways price action might extend the spikes in volatility for EGLD, APT, and tokens going viral across social media. 

In that sense, data from Santiment recorded an increase in the “Discussion Rate” across Twitter, Telegram, and other platforms. Retail traders have been posting about these cryptocurrencies causing more people to become interested, leading to further volatility. 

The research firm said the following on Elrond and Aptos’s price action while sharing the chart below: 

Elrond and Aptos are both trending Wednesday for different reasons. The price of $APT tanked after launching its highly anticipated mainnet. Meanwhile, $EGLD has benefited from some shilling and giveaways making rounds on Telegram, in particular.

EGLD and APT mention on social media posts that their prices have become volatile. Source: Santiment

Additional data from Material Indicators support this thesis. Retail traders have been following as Elrond increases its social media posting volumes. Traders with buy orders from $100 to $1,000 are bidding into EGLD’s price action. 

The cryptocurrency is losing momentum on lower timeframes. As seen in the chart below, EGLD’s price is coming into heavy resistance at its current levels. Selling orders are thickening and might prevent the price of this cryptocurrency from sustaining its price action. 

Retail traders jumping into EGLD’s price action. Source: Material Indicators

While more significant cryptocurrencies trend sideways, any rally or volatility in the price of Elrond and Aptos might be short-lived. However, if too many traders jump into these tokens, Bitcoin and Ethereum might lose stability. 

According to a pseudonym trader, APT’s volatility and increasing participation might take out the liquidity from other trading pairs. This price action leads to a sudden shift in price direction for more prominent cryptocurrencies, a situation that might become normal while the market lacks clear direction. 

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Elrond (EGLD) Will Rally To $80, But this Must First Happen

  • EGLD’s price shows a spark of strength as the price bounced off from $45 with good volume. 
  • EGLD continues in a range-bound movement as the price aims to breakout ahead of a rally to $80. 
  • The price of EGLD continues to trade above the 50 Exponential Moving Average (EMA) as the price creeps in on the daily timeframe.

Despite market uncertainties that have affected the prices of many altcoins in recent weeks, the price of Elrond (EGLD) has remained strong. Elrond (EGLD) has held firm, defending its support as the price remains in a range, with a possible breakout as the price targets $80. The price of Bitcoin (BTC) rose from its low of $19,100 to $19,600 as it attempted to break through to $20,000. A successful breakout will result in relief bounces for the majority of the market’s crypto assets. (Data from Binance)

Elrond (EGLD) Price Analysis On The Weekly Chart.

Despite experiencing some great price movement in recent weeks due to so many partnerships and great projects built on the Elrond network, EGLD has attracted the attention of traders and investors with its unique use case as many look for opportunities to buy.

The bear market has had a fair share of the price of EGLD, as the price of EGLD dropped from a high of $500 to a weekly low of $40, where the price was able to form good support to hold sell-offs due to panic.

The price of MATIC, after forming good support, price rallied to a high of $68, and the price was rejected to $45 despite showing great strength to break and close above this resistance. The rejection of EGLD from this region has led to the price range to build more buyers other than a break out of this range. 

Weekly resistance for the price of EGLD – $70-$80.

Weekly support for the price of EGLD – $45.

Price Analysis Of EGLD On The Daily (1D) Chart
Daily EGLD Price Chart | Source: EGLDUSDT On Tradingview.com

In the daily timeframe, the price of EGLD continues to trade below its key resistance at $65; despite bouncing off from its daily low, the price of EGLD faces a test to breakout above $65.

If the price of EGLD breaks and holds above $65, we could see the price of EGLD rally with a good volume to as high as $80, but if the price of EGLD fails to breakout price could be rejected back into its range of $45-$65.

On the daily timeframe, the Relative Strength Index (RSI) for EGLD looks good after rallying from an oversold region, indicating good buy volume for EGLD.

Daily resistance for the EGLD price – $65.

Daily support for the EGLD price – $45.

Featured Image From Cryptoninjas, Charts From Tradingview

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

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.