Crypto Academy

Elrond Price Analysis: EGLD Trending Due to Recent Shilling and Giveaways

Dren.H

Over the course of the year, Elrond (EGLD) has been bearish. The price declined by around 85% in the first two quarters of 2022. With the whole crypto market being on a downtrend, it was not surprising. However, after EGLD found support at around $38 back in June, the price started having corrections.

During the summer months of this year, EGLD increased by around 80%, reaching as high as $69 in August. After that, the price had another bearish swing. The price went to as low as $44 by the end of September.

Nevertheless, Elrond has been trending recently, which has led to an increase in price. In the last few weeks, EGLD has increased by more than 30%. This increase could prove to be crucial for predicting the future price of EGLD. Hence, our analysis will cover both technical and fundamental factors that have and could affect the price of EGLD in the coming weeks.

Elrond (EGLD) Technical Analysis

When looking at the EGLD/USDT 1-day chart, we can see that the recent increase in the price has now broken the descending wedge channel of the recent months. That is not enough to suggest a trend reversal, however. The long-term trend still remains quite bearish for EGLD. Still, this recent increase could do wonders for traders in the short run due to an increase in bullish momentum. 

The chart also shows a cup-and-handle pattern taking police with the recent price movement. If key structures are strong, then this pattern could hint at another bullish surge in the price of EGLD in the coming weeks, other things equal.

Elrond (EGLD) Price Analysis
EGLD/USDT 1-Day Chart. Source: TradingView

Indicators

The fear and greed index suggests that there is still extreme fear in the market overall. The market sentiment has slightly improved for Elrond, however, given the recent increase in the price.

The RSI of a 1-day chart is above 50 and close to 70, suggesting that the buying pressure has increased and that the price could continue to rise. Nonetheless, further surges in the price could make Elrond overbought and lead to a retracement.

The MACD line of a 1-day chart is slightly above the signal line and above the baseline, indicating that the momentum is bullish for Elrond in the short run. However, the lines are quite close to one another, so a shift in momentum could easily occur.

The 20-day MA is below the current price of Elrond (EGLD), indicating that the short-term trend is upward and that the price may keep increasing. The same applies to the 9-day EMA.

Elrond (EGLD) Fundamental Analysis

Fundamentals could be the primary reason why Elrond is currently trending and EGLD is on the increase. 

The Elrond community was recently involved in a lot of shilling. Added to that, Elrond did major giveaways to its community, which largely increased community engagement. This momentarily increased the demand for EGLD tokens, which then led to an increase in the price. Here is one of the most recent Elrond giveaways to its community:

In addition, the Elrond team has been working hard to secure several strategic partners, such as Twispay, Utrust, and Moonpay. More recently, Elrond announced the partnership with Mastercard, which could be crucial for the future adoption of EGLD in the world.

 

Elrond also updated Maiar, the official EGLD wallet, making it much more user-friendly and efficient.

All these new updates were made in accordance with the highly anticipated event in Paris that Elrond will host in the first week of November. Elrond community is expecting that something massive for the crypto market will be announced at the event. Here is the teaser published by the founder of Elrond Beniamin Mincu so that you can judge it for yourself:

EGLD Price Prediction

Based on this price analysis of Elrond (EGLD), considering both technical indicators and fundamental factors, EGLD could aim for $100 in the coming weeks. Given the hype that the Paris event already has, EGLD could increase due to the increased interest that it may gain from institutional investors and new partners.

Takeaways

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