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Polkadot (DOT), Solana (SOL), And Elrond (EGLD) Poised For 2x With Crypto Market Recovery

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Dec 15, 2021

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The wider crypto space continues to generate subsequent lower lows from the past 15 days. Whilst traders are concerned about the consequence of the federal reserve meeting ahead. A few promising projects such as Polkadot (DOT), Solana (SOL), and Elrond (EGLD) are manifesting for a solid breakout to counter the forth-coming FUD. 

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Polkadot (DOT) :

Whilst Polkadot (DOT) ecosystem is nearing to celebrate parachain party on December 18th auction winners including Acala network, Moonbeam network, Astar network, and ParallelFi. The DOT price would make a swift move. However, the DOT price has been trading at a crucial bottom of $26.95, if its upcoming auction helps out the price action, then it would clinch $50 in the next couple of weeks. On the contrary, the price would trade within the rangebound scale between $24 to $30. 

Solana (SOL) :

The SOL price has been attempting to break above 20 days MA. However, as the altcoin is under bearish reign, it has been generating consecutive lower lows since the start of the month. If a significant number of buyers jump in to buy the asset in the next couple of days, then Solana would pass the resistance test at $174.56 to jump above $215 in the upcoming bull cycle. On the flip side, if bears continue to predominate the market, then SOL price would plummet to a local bottom of $135.

Elrond (EGLD)

Elrond’s (EGLD) price has managed to break above 20-50 days MA on early Wednesday. Howbeit, if the buy orders continue to rise, the altcoin would climb up to a maximum of $342 in the immidiate bull cycle. On the contrary, if the outcome of the fed meeting scheduled impacts the EGLD price, then it would plummet to a local bottom of $220

Collectively, the aforementioned coins hold the potential to initiate a supercycle, if they stay immune against the outcome of the Fed meeting. However, its been more than 3 weeks, the majority of the cryptocurrencies are under bearish reign, supercycle would commence anytime soon. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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