Price Analysis

Avalanche(AVAX) & Elrond(EGLD) Price Buckling Up, Will Bitcoin Follow the Suit?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Dec 16, 2021

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Highlights

    Avalanche emerges out of the blues to break through the consolidation, smashing levels above $100 quickly

    Elrond quickly grasps the bullish momentum and spikes remarkably, registering a healthy bullish close

    With the crypto assets gearing up slowly, the traditional assets are also expected to follow and attain the minimum required levels to resume with the bull run

Will Elrond(EGLD) Price Hit $500 in 2021?

Elrond in recent times has showcased immense potential compared to the other traditional crypto assets. The rally towards its highs close to $550 has surprised the crypto space as the spike occurred while the top cryptos were going through a pretty tough phase. However, the platform received an immense influx of liquidity and hence the price propelled significantly. Yet the rally towards the ATH still remains pretty misty as the bears appear to have become active yet again.

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Trading view
  • The EGLD price since it smashed the highs at $544 entered a bearish trend and continued to trend with a descending channel 
  • The asset had laid the plot of a breakthrough a couple of days before and flipped the downtrend ranging slowly towards the upper zone of the channel
  • The surge appears to have validated an uptrend, yet the bull run could be ignited once the asset surpasses the important resistance at $336 just below the 200-day MA levels at $343.
  • In the smaller time frame, the RSI after hitting the highs is preparing for a slight bearish divergence which can be nullified with another leg up
  • On the other hand, MACD displays the buying pressure is mounting on the platform and hence the asset may continue raising up for some more time.

Avalanche(AVAX) Heading Towards $130 Target!

Avalanche appears to be gearing up yet again as the recent sell-off appears to have a minimum impact on the AVAX price. While the other assets were drowning heavily during the plunge, AVAX appears to have undergone a slight correction before it takes a long leap towards the next potential target. 

Trading view
  • The AVAX price is ranging along the uptrend line ever since it flipped the bearish divergence in mid-August. Despite multiple pullbacks, the trend line was maintained and held strongly.
  • The current sell-off was among the strongest and hence the speculation of the trend line could be broken was all over the crypto space, yet with the last minute flip, the asset firmly sustained above the line.
  • Despite the reversal, yet the uptrend still cannot be validated as the AVAX price is yet to reach the Apex of the symmetrical triangle and hence more accumulation could be in place
  • On the other hand, the asset is receiving a notable amount of liquidity and hence an uptrend may also in place that could break through the triangle if a strong push in the form of huge buying pressure makes its way out
  • The RSI and MACD in the long term are pretty bullish but in the short term a quick correction is quite possible as both indicators may display a bearish trend soon

Collectively, Avalanche(AVAX) & Elrond(EGLD) prices are ranging high in order to reach their immediate highs at the earliest. However, it would be pretty interesting to watch whether the traditional cryptos like Bitcoin or Ethereum, which have just started to coil up, would match their pace or not.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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