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

Bitcoin Price Retreats Below $19,000 – Will It Slide Under $18,000 This Week?

The average Bitcoin price in September of last year was $45,965. It even hit and surpassed the $50K mark three times back then. 

It did so when it closed September 4, 2021 at $50,000, September 5 at $51,692, and September 6 at $52,644.49.

But the largest cryptocurrency by market capitalization is struggling to replicate that kind of run this year as it continues to struggle to hold even just the $20K price range.

As of this writing, BTC is trading at $18,802, according to data from CoinGecko. It slightly spiked on Tuesday, reaching just above $23,300 before eventually falling back below the $19K mark once again.

Source: CoinGecko

While Bitcoin only lost a measly 0.4% price dip for the last seven days, it has now lost 4.4% of its value over the period of 30 days. Moreover, its current trading price is 55.5% lower than what it was a year ago.

Bitcoin Price Continues To Struggle 

The crypto space experienced a major crash between May and June this year when its total market value decreased by $2 trillion.

Bitcoin was greatly affected by that and since then has been trading between $18,000 and $25,000.

The digital asset’s price is not the only thing that is struggling as its stocks retreated into bearish direction, dipping by 1% at $19,078.

Inflation seems to be the main driving force of the chaos that has been wreaking havoc in crypto space for the past months as central banks leaned on increased interest rates to combat the economic dilemma. 

The crypto industry also witnessed notable bankruptcies and insolvency issues that also impacted the digital assets’ attempt at a bullish run.

Will Bitcoin Fall Below $18K Again?

Some experts believe that when certain conditions happen, the widely followed crypto will experience severe drop once again.

It is believed that if inflation rate rises anywhere between 9.5% and 10%, the U.S. Federal Reserve might have an emergency meeting to discuss another round of interest rate hikes.

If this happens, leveraged participants in the crypto markets will once again be affected in a negative way and that could lead to Bitcoin’s price plummeting below $18,000.

On June 18, 2022, BTC dropped to a low near that price due to the negativity brought by the bankruptcy of Three Arrows Capital and Celsius.

BTC total market cap at $357 billion on the daily chart | Source: TradingView.com

Featured image from Fox Business, Chart: TradingView.com

Cardano at One-Year High on Shelley Upgrade

The eighth-largest cryptocurrency by market value jumped to $0.1021 on Saturday to hit its highest price level since June 2019. It has rallied by a staggering 170% in the second quarter, according to CoinDesk data.