• Elrond announced recently that Carpathian Stake is joining the network as a staking provider.
  • eGold holders have an opportunity to own more than one validator node on the Elrond blockchain without worrying about the infrastructure.
  • A bounce from the ascending parallel channel’s lower trendline indicates that EGLD price could climb 40%.

Elrond blockchain’s recent addition of Carpathian Stake to its network could prove helpful to its users and might even help give the EGLD price a nudge to ascend higher.

Staking without infrastructure

The Elrond blockchain and its developers have been in the vanguard for far too long, announcing major partnerships and developments. As of March 21, the team announced a new staking provider, “Carpathian Stake.”

From a popular mobile payments app to their “hypergrowth” campaign, Elrond has grown, and so has EGLD token’s price. However, this recent announcement puts a new spin on the staking game.

Usually, staking has a list of requirements and hefty upfront token deposits that deter market participants from having skin in this game. However, with Carpathian Stake, this is about to change.

Elrond’s co-founder and CIO, Lucian Mincu, stated,

Carpathian Stake is able to offer their customers full node ownership in a non-custodial manner while abstracting away any kind of technical complexity.

Additionally, the blog added that eGold holders have an opportunity to own “one or more Validator nodes without having to manage the underlying infrastructure."

Elrond price could set up a new swing high

Elrond price has been producing higher highs and higher lows since February 22. Its recent 25% crash between March 10 and 15 formed the second lower low. Drawing a trend line along these swing points results in an ascending parallel channel formation.

This pattern has a bearish bias if the setup’s lower trendline is breached. However, until Elrond price slices through the lower boundary, investors can expect another leg to the upside. If this were to happen, ELGD needs to break past the immediate supply barrier at $145, coinciding with the 78.6% Fibonacci retracement level.

This move will establish a higher high and might provide the sidelined investors a reason to enter the market. In this case, EGLD could climb 15% to tap the recent high at $166 or surge another 18% to hit the 127.2% Fibonacci retracement level at $197.

Supporting this bullish outlook is the “buy signal” generated from the SuperTrend indicator on March 20.

EGLD/USDT 6-hour chart

EGLD/USDT 6-hour chart

Regardless, the upswing in Elrond price action is solely dependent on a bounce from the lower trend line of the ascending parallel channel around $130. This level is critical since it is a confluence of the 61.8% Fibonacci retracement level, the 200 6-hour Simple Moving Average (SMA), and the base of the technical formation.

Only a massive spike in bearish pressure will be able to slice through it. In such a case, the EGLD price could slide 7% to the immediate demand barrier at $121. Following a breakdown of this level, the cryptocurrency could drop another 7% to $112.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP