Connect with us

Altcoin

Elrond up 20% in 24 hours as EGLD price triples in December — Can the rally continue?

Published

2 Wochen ago

on


With Bitcoin (BTC) largely in the spotlight after hitting a new all-time high of nearly $24,000, other projects are starting to ride BTC’s coattails as well. One of the latest standouts is Elrond (EGLD), which is up 20% over the past 24 hours and nearing its all-time high. 

The current highs above $27 is an increase of over 200% in December and more than 1,500% year-to-date, marking an extremely bullish year for this project.

Elrond becomes ninth crypto project listed on eToroX 

Elrond’s recent run isn’t based on technicals only as the self-pronounced internet-scale blockchain got listed on eToroX as the ninth cryptocurrency. Only large-cap coins are listed on this exchange, but Elrond has becomes the first exception.

Elrond originally started as an initial exchange offering from the Binance Launchpad, which took place in July 2019. Since then, the project has seen some significant changes. One of those changes was the Mainnet Swap, as the ERD token became EGLD in the summer of 2020. This swap took place during the launch of the mainnet.

Additionally, a new Defi app that uses the Elrond blockchain is expected to launch next year. This app is called Maiar, a non-custodial digital wallet and global payments app for exchanging and storing money. 

EGLD nears new all-time high resistance

EGLD/USD 1-day chart. Source: TradingView

Elrond’s daily chart against USD is showing a significant rally since its recent low, surging from $6 to $27. The price is currently hovering around the all-time high and will likely break through it.

However, traders should be aware that vertical price action most likely comes down for some support tests before a new impulse wave can start.

Those support zones are clearly defined from the chart and should be watched by traders for potential entry opportunities.

On this chart, the support zones are found at $12.50-13.50, $16-17 and $19.50-20.50. The primary question is still how deep will a correction go and at what level will the correction start.

Once Elrond breaks the all-time high, more upside is likely for this project. Meanwhile, the Fibonacci extension tool can help define possible top levels for the next impulse waves.

Using the Fibonacci extension tool, zones can be found at $40-42 and $60-65, which would put this token high on the list of 2020’s top performers.

BTC pair slowly waking up alongside USD

EGLD/BTC 1-day chart. Source: TradingView

The BTC pair of Elrond is showing a clear bottoming construction forming in recent months. Elrond’s price slowly dropped, creating a massive bullish divergence, which marked the bottom.

Since then, a small higher low was achieved, initiating the breakout to the upside. This breakout led the run toward 0.001300 sats, which is currently the temporary top. However, this breakout led to a new higher high, and after every higher high, the market will look for a new higher low.

This higher low will confirm the ongoing uptrend, and traders should keep an eye out for support zones around the 0.000750 sats or 0.000850 sats.

If those hold and Elrond can break through the 0.001300 sats barrier, another leg up to 0.002500 sats becomes very likely.

Overall, a digital token like Elrond is showing the opportunities bull markets can bring. Right now, the focus is mainly on Bitcoin. However, once the Bitcoin price starts to stabilize, altcoins typically begin to catch up — and often outperform BTC in the short term. In this light, Elrond looks poised to become one of the top-performing cryptocurrencies to close out 2020.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind mit * markiert.

Altcoin

RIOT Stock Registers Unprecedented Rally, Riot Blockchain Valuation Soars Above $1B

Published

39 Minuten ago

on

Dezember 29, 2020

By


Following the Bitcoin all-time high on Sunday, December 27, Riot Blockchain stock registered 20% gains on Monday’s trading session. The stock has already appreciated by 13x this year. Apart from BTC, investors of Bitcoin mining companies are making a bomb in the market.

Bitcoin mining giant Riot Blockchain is making all the news in the market at the moment. On Monday, December 28, Riot Blockchain Inc (NASDAQ: RIOT) stock price surged a massive 20% surging past $15.5 levels. One of the biggest milestones with the Monday rally is that the Riot Blockchain has clocked a $1 billion market cap.

The latest price rally comes as Riot Blockchain hints at going aggressively on its Bitcoin mining business. Last week, the Riot Blockchain added new S19 Pro Antimers to its bitcoin mining arsenal. The company announced the purchase of an additional 15,000 Bitcoin (BTC) mining machines from Bitmain. The recent purchase also pushes Riot’s total fleet to 37,640 Next-Generation Bitmain Antminers.

Riot said that the fresh purchase of Antminers will help the mining company to attain a 65% jump in its mining hash-rate. RIOT stock has registered an unprecedented rally this year in 2020. RIOT stock has multiplied by 13x this year registering a 1200% surge so far.

Riot Blockchain has issued nearly 17 million shares since November 2020 with its total outstanding shares going to 67.5 million. It has been a phenomenal journey for Riot ever since it ventured into the Bitcoin mining business in October 2017. With valuations less than $50 million back then, Riot has grown more than 20x in size as of its latest stock price.

RIOT Stock and Shares of Other Bitcoin Mining Companies Profit from BTC Bull Run

The recent Bitcoin (BTC) price rally during Q4 2020 has also pushed the stocks of Bitcoin mining companies to new highs. Earlier on Sunday, December 28, the BTC price hit its all-time high of $28,000 in a massive bull run followed by huge institutional inflows.

Moreover, along with the BTC price rally, the Bitcoin hash-rate has jumped significantly since November 2020. Over the last two months, the BTC hash-rate has surged nearly 30% and is currently at 132 TH/s. The surge in the hash-rate suggests higher mining activity for Bitcoin.

As a result, Bitcoin mining companies have been making massive purchases of the BTC mining machines. In addition to Riot Blockchain, other giants like the Marathon Patent Group have made aggressive purchases over the last few months. Just like RIOT, the Marathon Patent Group (NASDAQ: MARA) has registered a phenomenal rally of 18% on Monday, December 28. MARA stock has multiplied investors’ wealth by 12x in 2020. It means the MARA stock has also given phenomenal 1100% returns year-to-date.

next Bitcoin News, Blockchain News, Business News, Cryptocurrency news, Market News

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



Source link

Continue Reading

Altcoin

How low could XRP go? Watch these price levels next

Published

7 Stunden ago

on

Dezember 29, 2020

By


XRP price dropped by 30% on Dec. 29 following Coinbase’s decision to suspend trading. 

The market sentiment around XRP has become overwhelmingly negative due to the fear of more exchange delistings.

In the near term, XRP faces three key historical support levels at $0.224, $0.1743 and $0.1471.

Where will the XRP price go next?

The ongoing price trend of XRP is not cyclical nor reliant on technical analysis. It is due to investors selling XRP following the suspension of trading across major cryptocurrency exchanges.

On Dec. 29, Coinbase announced that it is suspending the XRP trading pairs on their platform. Paul Grewal, the chief legal officer at Coinbase, wrote:

“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time*. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.”

As Cointelegraph previously reported, analysts anticipated Coinbase to suspend XRP trading after the United States Securities and Exchange Commission filed its complaint.

Coinbase plans to undergo an initial public offering, and it is in the firm’s best interest to remain fully compliant with the regulators in the U.S.

Considering the regulatory uncertainty around XRP, traders have emphasized that technical analysis is of less importance in the short term. Scott Melker, a cryptocurrency trader, said:

“A few people have told me that there’s oversold bullish divergence on the $XRP chart. You are doing it wrong. Charts don’t matter here. You cannot trade in a vacuum. Jesus could come down with Biggie and Tupac and put on a concert for Brad Garlinghouse and I still wouldn’t buy.”

In the foreseeable future, XRP has several major support areas it could potentially recover from. However, these are deep support levels on the weekly chart, which shows that it lacks momentum for a major rebound.

XRP/USD weekly candle price chart (Coinbase). Source: TradingView.com

The XRP price has fallen by over 60% in merely two weeks, recording one of its steepest two-week drops in history.

What happens next?

Adam Cochran, a partner at Cinneamhain Ventures, was one of the first to break the story that Coinbase had conversations about suspending XRP trading.

Cochran hinted that the SEC are probably looking into more projects and companies than people realize. He said:

“If you thought my scoop on Coinbase delisting/suspending $XRP was insightful, you’re going to love the next scoop I’m working on, this week. Looks like that SEC is far more active than we thought and sniffing around a number of projects and companies!”