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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) 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.

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Elrond Coin Price Seen Climbing Nearly 20% In Next Few Weeks – Here’s Why

Elrond is currently among crypto assets that are “in the green” after enduring another trying week for cryptocurrencies.

  • Elrond currently trades at $52.44
  • Coin expected to reach $60 mark in coming weeks
  • Elrond currently 90.4% lower than its ATH

At press time, tracking from CoinGecko shows EGLD trading at $52.44. For the last seven days, its value grew by 12.3% while also tallying a 24-hour increase of 7.4%.

Its intraday trading volume is also impressive, reaching more than $71.6 million while its total market capitalization is a little north of $1.2 billion, enough to keep the coin in top 50 of all digital currencies, 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 Pattern

In the crypto space, a parallel channel pattern gives multiple opportunities to traders as it shows a rally towards two trendline barriers. It is quite helpful for what is called a counter-trend move.

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.

Source: TradingView.com

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.

But that did not happen and instead, the asset traded within the narrow range of $50 to $45 before climbing to its current value.

EGLD: Price Prediction For The Coming Weeks

With the parallel channel’s two trendline barriers, Elrond is now expected to gain some steam and start a bullish run.

If the buyers are able to retest and breakthrough the $54.5 barrier, the crypto might be looking at a value increase of nearly 20% and climb all the way to the $60 level.

This however, remains significantly lower than what Elrond was able to accomplish last year when it attained its all-time high.

It can be recalled that in November 23, 2021, the blockchain token was able to reach trading value of $545.64. With its price of $52.44, it has now lost 90.4% of its all-time high and Elrond remains a long way from it.

Meanwhile, for 2023, the digital currency is expected to grow more in terms of trading price. Elrond will start the next year with January highest price of $95.81.

By the end of next year, the asset could reclaim a portion of its all-time high with December highest price of $123.03.

EGLD total market cap at $1.23 billion on the daily chart | Source: TradingView.com

Featured image from Zipmex, Chart: TradingView.com