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Elrond Coin Price Analysis: ELROND in potential reach $300 by the end of May 2021

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  • Elrond announced on April 7 that the Lucian Blaga University of Sibiu plans to carry out crypto payment processes for its 11,000 students, encouraging those interested in paying their admission fees using EGLD
  • Additional significant development for the project was revealed on April 10 when Shopping.io revealed the ability to use EGLD to shop and earn rewards with some of the largest retailers in the United States in partnership with EGLD
  • These developments have led EGLD coin to increase 40% in the last two days and leading to the breakout of a significant resistance level

Elrond‘s announcement on April 11 revealed a new project to have the token specs for the Elrond Standard Digital Token (ESDT), non-fungible tokens and semi-fungible tokens. Sudden growth by Elrond is mainly due to these project developments. The coin has been making a double bottom pattern in the daily timeframe. The breakout of this pattern was met with a sudden supply, which resulted in the rejection of price from the $237 level. The price above 50 EMA(Yellow) above 200EMA (white) implies the bullish trend in play. The market capitalization of the coin has increased more than 30% and is currently hovering around $3,812,095,492 (-4.11%) and the 24hour volume is at $158,093,083 (-46.20%). 

POTENTIAL OF REACHING $300 MARK

Elrond coin price has been making an ascending triangle pattern in the 4-hour timeframe for the past four days. The breakout of this candlestick pattern could result in the booming price up by at least 30%. However, the big-bodied red candlesticks could bring the price below the support zone near $210. In such a case, the price could find immediate support near $195 and also at $180. The price is momentarily taking support near the support trendline, which might push the price up again. 

EGLD price is close to 50 EMA(yellow)and seeking support near it. The 50 EMA is above 200 EMA( white) in the 4-hour timeframe implying an uptrend in action. 

The relative strength indicator is slightly bearish but still in the neutral region with a value near 50. The downward slope of RSI is siding with the bears for now, but it could spike again if the price could find support soon.

CONCLUSION

The double bottom pattern breakout might give a retest in a triangular fashion, but the breakout of the ascending triangle in the 4-hour timeframe could jumpstart the bull run. Early traders should not take entry with large quantities before the breakout. 

Support – $195 along with mentioned levels

Resistance – $237 along with mentioned levels

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