EtoroX’s listing could push Elrond price even higher following 200% rally
- Elrond price is up by 200% since November 18 and continues surging higher.
- EtoroX, one of the world’s leading social trading and investing platforms announced the listing of Elrond eGold.
eToro has just announced that eGold, Elrond's native currency, will be listed on the EtoroX cryptocurrency platform. The company has been growing rapidly in the past few years, reaching a $2.5 billion valuation, and has recently launched a cryptocurrency exchange conceived for institutional-grade trading.
Elrond price holds upward potential even after the recent rally
The Elrond eGold cryptocurrency will be listed on eToro on Wednesday, December 23. The platform will utilize the ERC-20 version of the coin to make the integration faster at first. Eventually, Elrond plans to integrate the native eGold token through an automated bridge.
EGLD/USD daily chart
EGLD is up 15% since the eToro's announcement and remains trading inside a robust daily uptrend, currently at 21.65. The digital asset faces very little resistance to the upside and has experienced a significant increase in trading volume over the past two weeks.
EGLD/USD 12-hour chart
However, there are some concerning factors for the bulls. For instance, on the 12-hour chart, the TD Sequential indicator has just presented a sell signal which could stop EGLD from climbing higher in the short-term, pushing it down to $19.
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EGLD Social Volume chart
Additionally, the social volume, which shows the number of mentions of the coin on social media channels, has increased significantly over the past two weeks. The last time this happened on September 3, the digital asset suffered a tremendous crash from $18 towards $6.5.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
