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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.
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
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.