Elrond is currently among the “green” crypto assets after carrying out another week of trying for cryptocurrencies.
- Elrond is currently trading at $52.44
- The coin is expected to reach $60 in the coming weeks
- Elrond is currently 90.4% below his ATH
At the time of publication, keep track of Queen Gekko EGLD is trading at $52.44. Over the past seven days, its value has grown by 12.3% while also registering a 24-hour increase of 7.4%.
Its daily trading volume is also impressive, coming in at over $71.6 million while its total market cap is just north of $1.2 billion, enough to hold the coin among the top 50 cryptocurrencies out of all cryptocurrencies, where it ranks 46th.The tenth Inclusive.
The near-future forecast for the asset is somewhat bullish, with some hinting at a significant price hike for the coming weeks.
Elrond price action pattern
In the cryptocurrency space, the parallel channel pattern provides multiple opportunities for traders as it shows a rise towards two trend line barriers. It is very useful for the so-called counter-directional movement.
While the entire cryptocurrency market bore the brunt of the volatility-induced crash, the price of Elrond was noted to be based on the aforementioned channel pattern.
Under this trend, Elrond was once again expected to face a sharp price correction, repeating the June low at around $38.
But that did not happen and instead, the asset traded within the narrow range of $50 to $45 before rising to its current value.
EGLD: Forecast prices for the coming weeks
With the trendline barriers of the parallel channel, Elrond is now expected to gain some strength and start a bullish rally.
If buyers are able to retest and break through the $54.5 mark, the crypto may look for an increase in value of around 20% and climb to the $60 level.
However, this is still far below what Elrond was able to achieve last year when he hit his all-time high.
It is worth noting that on November 23, 2021, the blockchain token managed to reach a trading value of $545.64. With its price of $52.44, it has now lost 90.4% of its all-time high and Elrond is still far from it.
Meanwhile, for the year 2023, the digital currency is expected to grow even more in terms of trading price. Elrond will start next year with a January high of $95.81.
By the end of next year, the asset could recover part of its all-time high with a December high 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