The Elrond price prediction shows that the price action needs to break the current limitations to its price movement for a new trend to be established. The price is trading close to its previous highs and could be buoyed by recent events on the Elrond network.
Morningstar Ventures has announced that it is committing $15million to invest in projects built on the Elrond Network. An extension of this initiative will see an Elrond Incubator set up in Dubai. This incubator aims to capture the opportunities that abound in the relatively untapped MENA region and the UAE, even as rapid adoption of blockchain technology in the Middle East occurs.
Elrond is also attracting some interest on the market side of things. The ELGD/USDT pair is up 2.14% on the day.
The intraday bounce on the ascending trendline must break above the 254.75 resistance (24 September and 2 October highs) for the price to aim for the current all-time high at 303.03. Above this level, new highs may be seen at the 305.52 (141.4% Fibonacci extension) and 330.53 (161.8% Fibonacci extension level) price marks.
On the other hand, a decline below the trendline opens the door for the price to aim for 219.87. If the selling pressure increases, we could see a further corrective decline on the ELGD/USDT pair, with 182.87 and 159.62 serving as additional targets to the south.
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This post was last modified on Oct 13, 2021, 14:23 BST 14:23