Elrond (EGLD) Price Breakout Could Lead to a 30% Increase

Elrond (EGLD) price is expected to break out from the $56.50 resistance area and accelerate its rate of increase afterward The post Elrond (EGLD) Price Breakout Could Lead to a 30% Increase appeared first on BeInCrypto.

Timeline of Elrond-egld

Due to Elrond [EGLD] shillings and giveaways that have made rounds on Telegram, the crypto asset has recorded a surge in its social activity since 18 October, data from Santiment asserted. As of this writing, “Elrond” ranked third on Santiment's list of top ten trending crypto words.

Amid the recent relief rally in the crypto market, the Elrond coin price bounced back from the $51.8 support and surged 11.5% higher. This development allowed buyers to rechallenge the $58 neckline resistance of a cup and handle pattern.

EGLD's price shows a spark of strength as the price bounced off from $45 with good volume.  EGLD continues in a range-bound movement as the price aims to breakout ahead of a rally to $80.

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.

The crypto market witnessing high volatility caused a minor consolidation in Elrond coin price. This sideways price action indicates that the buyers are struggling to surpass a local resistance of $57.5.

Among Southeast Asian countries, Vietnam has been ranked first in cryptocurrency adoption for two years in a row with more than 21% of consumers having purchasing power in crypto. Blockchain-based gaming and infrastructure projects lead the development and adoption across the country, predicting a new stage for Vietnam's economy.

Elrond [EGLD] recently took its “new internet” blockchain mission by securing a partnership with Opera. Daniel Serb, head of business development for Elrond, released a statement related to the same.

If Elrond (EGLD) manages to hold on above the $44 to $46 horizontal support area, it could break out from the current descending wedge pattern. The post Elrond Gains Access to 300M Users With New Partnership, Helping EGLD Price Breakout appeared first on BeInCrypto.

In its newly published weekly ecosystem report, Elrond, the scalable smart contract blockchain network, informed users of the developments within its network in the last week.  With a total address of 1,852,288, Elrond registered a 1% growth in the index of addresses on the network last week.

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