Elrond Price Prediction 2021 – Will EGLD Hit $240 Soon?

Elrond Price Prediction 2021 - Will EGLD Hit $240 Soon?
  • Bullish EGLD price prediction ranges from $110 to $202.
  • The EGLD price might also reach $240.
  • EGLD bearish market price prediction for 2021 is $65.

In EGLD price prediction 2021, we use statistics, price patterns, ADX, and much other information about EGLD to analyze the future movement of the cryptocurrency

Elrond is a piece of software that aims to incentivize a distributed network of computers to run a smart contract platform with a focus on scalability and low transaction fees. It was founded in 2017 and is supported by Elrond Network, a Malta-based company dedicated to the project’s growth.

Elrond is powered by its own cryptocurrency, EGLD coin, which is used to interact with applications, send transactions, and incentivize network actors. It employs two distinct features: Adaptive State Sharding and Secure Proof-of-Stake (SPoS).

Current Market Status of Elrond (EGLD)

According to Coingecko, the price of EGLD is $101.44 with a 24-hour trading volume of $64,737,559 at the time of writing. However, EGLD surged to 0.70% in the last 24 hours.

Moreover, EGLD has a circulating supply of 19,239,148 EGLD. Currently, EGLD trades in cryptocurrency exchanges such as Binance, Tokocrypto, OKEx, HitBTC, and FTX.

Elrond (EGLD) Price Prediction 2021

Elrond (EGLD) holds the 58th position on CoinGecko right now. EGLD price prediction 2021 is explained below with a daily time frame. 

EGLD/USDT Ascending Triangle Pattern (Source: Tradingview)

An ascending triangle is considered a continuation pattern, which means that it is significant whether it occurs during an uptrend or a downtrend. When the price breaks out of the triangle, traders tend to buy or sell the asset aggressively, depending on which direction the price broke out.

Currently, EGLD is waving at $101.44. After this, EGLD may continue to fall or rise according to the breakout. With this pattern, EGLD will violate the upper trendline reaching $150 soon. If the trend reverses, then the price of EGLD may fall to $65.

Elrond (EGLD) Support and Resistance Level

The below chart shows the support and resistance level of Elrond (EGLD). 

EGLD/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support level of EGLD.

  • Resistance Level 1 – $110
  • Resistance Level 2 – $167
  • Resistance Level 3 – $230
  • Support Level 1 – $63
  • Support Level 2 – $44

The chart depicts the both bullish and bearish performance of EGLD over the previous month. However, this trend will break out and reach the resistance level at $202. On the contrary, if the trend reversed then EGLD might fall to $65 presenting a bearish signal.

Elrond (EGLD) Average Directional Index (ADX)

Let us now look at EGLD’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

EGLD/USDT ADX (Source:TradingView)

The above chart represents the ADX of EGLD with the range at 18.24, so it indicates a weak trend.

Conclusion

The EGLD is one of the cryptos which is great for long-term investment. In addition, short-term EGLD price prediction will be bearish, until the breakout. But, it has a good chance of reaching $202 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the EGLD ecosystem, the performance of EGLD would rise reaching $202 very soon. But, it might also reach $240 if the investors believe that EGLD is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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