- Elrond price illustrating a pennant pattern at long-term Fibonacci extension.
- Maiar Launchpad (MPAD) is where teams, technologies, and products are designed.
- Daily Relative Strength Index (RSI) not showing an overbought condition.
Elrond price eclipsed the February high, the 161.8% Fibonacci extension of the 2019-2020 bear market, and tagged the ascending triangle measured move target in the last couple of weeks. The current pattern illustration on the intra-day charts appears to be a pennant, projecting a renewal of the rally triggered on April 2.
MPAD token will bring cutting-edge projects to Elrond
The Maiar Launchpad’s debut is the newest development for EGLD in its pursuit of being the fastest, most scalable, and secure blockchain platform in the internet economy. In the words of Elrond, the platform “will be the ultimate catalyst for new technologies and unique products built with Elrond tech.”
New projects on the Launchpad will have access to decentralized funding from the platform. They will be announced to the entire community, partners, and investors, as well as the broader Elrond ecosystem. The wealth of support and feedback will help them achieve their ultimate goals
Source: Elrond Blog
To promote fairness and widespread access to contemporary technologies and startups emerging on Elrond, the Maiar Launchpad will be sustained by the MPAD token. It will be the second ecosystem token that should attract the most impressive blockchain projects to the ecosystem.
Details on the MPAD token will be announced in the next two weeks.
Elrond price action affirms it is an ascending decentralized platform
In April, speculators have agreed that EGLD has combined the best features of leading cryptocurrencies in the decentralized platform space and even improved upon them. After coming to a high near the measured move target of $245.55, the altcoin has slipped into a pennant pattern as it consolidates gains and generates the energy to shake free from the 161.8% extension of the 2019-2020 bear market.
If EGLD does complete a pennant pattern, the technical framework anticipates the rally to extend to at least the 138.2% extension of the February correction at $343.41, yielding a 44% move from the pattern breakout.
EGLD/USD 12-hour chart
Downside support begins at the April 13 low at $208.04, followed by the April 6 high at $199.49. Anything below that level would lead to a necessary recalculation of the positive EGLD outlook.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.