Elrond Accesses 300M With Partnership, Helping EGLD Price Breakout

Please fol­low and like us:
Pin Share

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.

On Thurs­day, Opera, one of the largest web browsers in the world, announced that it had inte­grat­ed Elrond. This allows it to pro­vide direct access to the Elrond ecosys­tem for its more than 300 mil­lion users. 

Elrond’s CEO Beni­amin Min­cu said that: “‘Elrond is one of the first car­bon-neg­a­tive blockchains in Europe, and its inte­gra­tion with Opera will help mil­lions of new users to access the Web3 ecosystem.” 

Addi­tion­al­ly, Opera will offer an inte­grat­ed cryp­to non­cus­to­di­al wal­let. This allows it to fur­ther advance main­stream blockchain adoption. 

Easy access to blockchain prod­ucts if essen­tial for expan­sion, and this is a step in the right direc­tion for both companies.

Wedge pattern

EGLD has been decreas­ing very grad­u­al­ly since Aug. 16, cre­at­ing a descend­ing wedge pat­tern in the process. The descend­ing wedge is con­sid­ered a bull­ish pat­tern. So, an even­tu­al break­out from it is expected. 

Fur­ther­more, the price has reached a con­flu­ence of sup­port lev­els between $44 and $46, cre­at­ed by: 

  • Hor­i­zon­tal sup­port area
  • 0.786 Fib retrace­ment sup­port level
  • Sup­port line of the wedge

There­fore, while the RSI has yet to pro­vide any bull­ish signs, a break­out is expect­ed as long as EGLD does not reach a close below this con­flu­ence of sup­port lev­els. If one occurs, the clos­est resis­tance area would be at $57.50. 

Long-term EGLD movement

Despite the like­li­hood of a short-term break­out, the week­ly chart remains bear­ish. The two main rea­sons for this are:

  • The rejec­tion from the $66 resis­tance area (red icon)
  • The fact that the week­ly RSI is below 50. 

Unless the price man­ages to reclaim this resis­tance, an even­tu­al decrease towards the next clos­est sup­port area at $23 seems likely.

For Be[In]Crypto’s lat­est Bit­coin (BTC) analy­sis, click here

Disclaimer

All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.