After Bitcoin (BTC) hit a new all-time high of nearly $24,000, other projects began to settle into BTC as it gained a lot of attention. One of the most recent breakthroughs was Elrond (EGLD), which has risen 20% in the last 24 hours and is close to all-time highs.
Elrond is in the process of molding itself to be one of the most profitable altcoins in a bull market.
Current highs above $27 indicate more than 200% growth and more than 1500% YTD growth in December, which marks a very auspicious year for this project.
Elrond becomes ninth crypto project listed on eToroX
It is the ninth cryptocurrency listed on eToroX.This was because of its recent launch development that focuses more on specs. Only large coins are entered on this exchange, with Elrond being the first exception.
Its first exchange begins with the offer from Binance Launchpad that happened in July 2019. Since then, the project has shown obvious changes. One such change was the exchange of the mainnet with ERD tokens becoming EGLDs in the summer. This exchange happened during the launch of the mainnet.
On top of that, a new decentralized finance application using the Elrond blockchain will be launched in the coming year.
The app’s name is Maiar, a non-trustee digital wallet and global payment app for exchanging and keeping money.
EGLD nears a new all-time high resistance
Elrond’s everyday chart against the U.S. dollar was a significant move, from $6 to $27 from its recent lows. Currently, the price is hovering around all-time highs and is likely to break through.
On that note, traders should still be aware that vertical price movement is likely to decline in some support tests before a new shock wave begins.
The data transparently marks these support areas. Traders should keep an eye out for potential entry opportunities.
Support areas on this chart are $12.50 to $13.50, $16 to $17, and $19.50 to $20.50. However, many still ask how deep the correction will run and at what level it will begin.
If Elrond hits an all-time high, the project has room for further growth. Meanwhile, the Fibonacci extension tool can help you identify possible peaks for the next impulse wave.
The Fibonacci extension tool allows you to find a range between $40-$42 and $60-$65, which puts these tokens at the top of our list of the best players of 2020.
BTC pair slowly waking up alongside the U.S. dollar
Elrond’s BTC pair is showing a clear bottom structure that has been developing in recent months. Elrond’s value declined slowly, creating a large bullish divergence, marking a bottom.
From that time, it has reached a slightly higher low, triggering a breakout. The breakout pushed the price to the current temporary high of 0.001300. However, this breakout has resulted in new higher highs. Right after that, the market will find new higher lows.
The continuous higher low will break the uptrend and traders will search for support with data around 0.000750 or 0.000850.
Another move to 0.002500 SAT is very likely if they hold out and Elrond can cross the 0.001300 SAT barrier.
In general, digital tokens like Elrond show the opportunities a bull market can bring. The current focus is on Bitcoin.
However, once the Bitcoin price starts to freeze, altcoins generally start to catch up and often outperform BTC in the short term. From this perspective, Elrond seems poised to become one of the major cryptocurrencies at the end of 2020.
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