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Elrond Breakout Analysis – EGLD Pumps +34% in a Single Day with Active Uptrend
Elrond EGLD is trading in uptrend here like many other altcoins. The Cryptocurrency EGLD just went up +34% in a single day by breaking a Rising wedge pattern with strong buying volume and surges over +52% in a week.
What is Elrond?
Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost.
Elrond Quick Stats
| SYMBOL: | EGLD |
| Global rank: | 48 |
| Market cap: | $1,104,958,674 AUD |
| Current price: | $64 AUD |
| All time high price: | $80 AUD |
| 1 day: | +34.38% |
| 7 day: | +52.96% |
| 1 year: | +127.81% |
Elrond Price Analysis
At the time of writing, EGLD is ranked 48th cryptocurrency globally and the current price is $64 AUD. This is a +52.96% increase since 19th January 2021 (7 days ago) as shown in the chart below.
After looking at the above 4-hour candle chart, we can clearly see that EGLD was trading inside the Rising wedge pattern on the EGLD/USDT pair. The first resistance was on the $45.05 AUD price levels which EGLD broke with a strong bullish trend buying volume and is now heading towards the next all-time high price. Seeing that many altcoins are waking up bullish this week, EGLD is likely to continue to increase in the uptrend.
“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. In contrast to symmetrical triangles, which have no definitive slope and no bullish or bearish bias, rising wedges definitely slope up and have a bearish bias.”
What do the Technical indicators say?
The EGLD TradingView indicators (on the 1 day) mainly indicate EGLD as a buy, except the Oscillators which indicate EGLD as a neutral.
So Why did EGLD Breakout?
The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying EGLD for the next Altcoins rally & it could also be contributed to some of the recent news of Smart Chain Integration.
Recent EGLD News & Events:
- 14 October 2020 – Phase 1
- 16 October 2020 – EGLD & CNTR Rewards
- 31 December 2020 – Defi Initiatives
Where to Buy or Trade EGLD?
Elrond has the highest liquidity on Binance Exchange so that would help for trading EGLD/BTC or EGLD/USDT pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
