Elrond Coin Price Expected To Rise Nearly 20% Over The Next Few Weeks

Elrond is now one of the “green” crypto assets after enduring a week of cryptocurrency testing.

• Elrond is currently trading at $52.44.
• The coin is expected to hit $60 in the coming weeks
• Elrond is currently 90.4% lower than ATH

At the time of writing the article, coin gecko It shows EGLD trading at $52.44. Over the past 7 days, its value has increased by 12.3% and increased by 7.4% in 24 hours.

Intraday trading volume is also impressive, reaching over $71.6 million with a market capitalization of just over $1.2 billion, ranking among the top 50 of all digital currencies and 46th. enough forth whole.

Near-term future forecasts for the asset are fairly bullish, with some suggesting significant price gains in the coming weeks.

Elrond price pattern

In the crypto space, a parallel channel pattern that shows a rise towards two trendline barriers presents multiple opportunities for traders. It is very useful for so-called countertrend movements.

Elrond’s price was observed to lean towards the aforementioned channel pattern while the crypto market as a whole bore the brunt of another volatility drop.

Source: TradingView.com

Under these trends, Elrond was expected to experience another serious price correction, replicating the asset’s June low of around $38.

But that didn’t happen, instead the asset traded in a tight range between $50 and $45 before rising to its current value.

EGLD: price predictions for the coming weeks

With two trendline barriers in parallel channels, Elrond is expected to gain momentum and start a bullish move.

If buyers can retest and break the $54.5 barrier, the cryptocurrency could rise by nearly 20% to $60 levels.

However, this remains significantly lower than what Elrond was able to achieve last year, when he achieved a record high.

We can recall that on November 23, 2021, the blockchain token reached a trading value of $545.64. Priced at $52.44 he’s lost 90.4% to his all-time high and is still far from Elrond.

Meanwhile, in 2023, digital currencies are expected to grow even more in terms of transaction prices. Elrond will start next year with a January high of $95.81 for him.

By the end of next year, the asset may have regained some of its all-time high of $123.03, the December high.

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

Featured image from Zipmex, Chart: TradingView.com