Crypto Price Analysis June 16: EGLD, TRX, SOL, THETA, AVAX

Key Insights:

  • Although multiple altcoins rallied considerably, the crypto market still lost $65 billion.
  • Elrond and Theta led the recovery for the altcoins.
  • Despite the continued depegging of USDD, Tron managed to rise by 9%.

While the crypto market closed in red once again, some altcoins managed to slip past the bearishness and gain considerably. On the other hand, Bitcoin continued to disappoint the investors, falling below $21k at the time of writing.

Elrond (EGLD)

After maintaining red candles for 13 days straight, EGLD declined by 51.74% to trade at $41.59. In the last three days, there was some recovery which built expectations that EGLD might reclaim $60 soon.

But yesterday’s 7.8% drop pushed EGLD back to $50. Regardless, EGLD still gained and, in the last 24 hours, rose by 13%.

Plus, going forward, it might continue down this path, given the indication of an uptrend according to the Parabolic SAR.

Tron (TRX)

Still fixing its USDD depegging and TRX crash debacle, the cryptocurrency attempted recovery yesterday after rising by 13.25%, and even though, at the time of writing, TRX painted a red candle with a 3% decline, it was still among the topmost rallying coins.

The altcoin is gaining support from the investors as the recovery saved it from falling into the oversold zone, and this will also be helpful in reclaiming the 32% loss from the last week.

Solana (SOL)

Following in the footsteps of Elrond, Solana, too, marked a solid recovery in the last two days and plunged by 10.89% today.

Although in the previous 24 hours, it is still up by 11% since the day before, it marked a 21.6% rally. Trading at $30.9, SOL is still far from recovering the 28.5% crash observed this week.

Although it might get some support from the market as price indicators suggest rising bullishness. As per MACD, the coin rejected a bearish crossover, and the active bullish crossover was sustained.

Theta Network (THETA)

Among the day’s top performers was the native token of the Theta Network, THETA, which managed to almost recover all of its losses from this week after rising by 23%.

However, this rally could not sustain for a long time as the broader market bearishness brought the altcoin down by10.37% today. 

Although it is still higher up than where it was two days ago, THETA failed to reclaim the 50-day Simple Moving Average and flip it into support for rising further.

Avalanche (AVAX)

Unlike the rest of the coins, Avalanche actually went the other route of only invalidating all the gains from the day before.

With a 12% recovery, AVAX was inching closer to eliminating the 37% losses from the week early, but a 12% dip today resulted in the altcoin losing all of its growth.

As per the Awesome Oscillator, the chances of recovery are actually further declining since the bearishness (Red bars) continues to grow.

Crypto Market Daily Highlights – June 14 – BTC and ETH See Red

Key Insights:

  • Crypto market conditions calmed on Tuesday, with the broader market ending extended losing streaks.
  • Ethereum (ETH) bucked the trend, falling for an eighth consecutive day, with bitcoin (BTC) also seeing red.
  • The choppy session saw the total crypto market cap fall by $69 billion to a new current-year low of $858.7bn before late support kicked in.

It was a mixed session for the crypto market on Tuesday. While the broader crypto market ended an extended losing streak, the bitcoin (BTC) fell for an eighth consecutive day.

The eighth day in the red saw bitcoin fall to a new current-year low of $20,838 before a partial recovery to $22,000. Bitcoin last stood at sub-$21,000 in December 2020.

Helium (HNT) was a front runner, while Monero (XMR) and Tron (TRX) saw heavy losses.

Dip buyers delivered much-needed support ahead of the Fed’s monetary policy decision on Wednesday, which has weighed on the crypto market.

Crypto Market Cap Slides to sub-$900 Billion

Following Monday’s $130.6 billion wipeout, the total crypto market cap fell by just $3.6 billion on Tuesday.

Significantly, however, the market cap fell to a new current-year low of $858.6 billion before returning to $900 billion. Tuesday’s decline marked the eighth consecutive daily fall.

Crypto market cap falls again.
Total Market Cap Daily Chart 150622

For June alone, the total crypto market cap is currently down $379 billion, following a $380 billion tumble in May and a $375 billion slump in April.

While the crypto market found support on Tuesday, downside risks remain as the market looks ahead to the Fed monetary policy decision on Wednesday.

The markets have priced in a 50 basis point rate hike. A hike in line with expectations would leave investors to focus on the Fed’s inflation, GDP, and interest rate projections.

Investor fear of a more aggressive rate path trajectory has hit riskier assets. An upward revision to the March projections will likely further test the appetite for riskier assets.

Other market considerations include plans to roll out more stringent regulatory measures and the stability of stablecoins.

On Tuesday, TRX came under selling pressure as investors reacted to algorithmic stablecoin USDD losing its dollar peg. TRX slumped by 12.9% on Tuesday, following a 16.1% slide on Monday.

From the top ten cryptos, ADA (+3.88%), SOL (+3.46%), and XRP (+3.41%) led the way.

BNB (+0.09%) and DOGE (+2.69%) also found support.

BTC slid by a further 1.58% to lead the way down, however, with ETH ending the day with a 0.02% loss to buck the broader market trend.

From the CoinMarketCap top 100, Monero (XMR) joined TRX in the deep red, with a loss of 10.83%.

Total Crypto Liquidations Eased but Remained Elevated

Following Tuesday’s spike, total liquidations eased going into the Wednesday session.

According to Coinglass, 24-hour liquidations stood at $578 million, down from $1,070 million levels on the day prior. While down from Tuesday levels, however, 24-hour liquidation levels remained elevated.

Crypto liquidations ease.
Total Crypto Liquidations 150622

One-hour liquidations pointed to a steadying in market cap conditions, with one-hour liquidations at $7.7 million.

Crypto Daily News Highlights

  • Bank of England Governor Andrew Bailey took another swipe at the crypto market.
  • Crypto investors prep for the Fed monetary policy decision and projections.
  • Tron (TRX) took a hit in response to algorithmic stablecoin USDD losing its dollar peg.
  • Ripple general counsel Stuart Alderoty took aim at the SEC over a muddied regulatory environment.
  • BlockFi was fined $943,000 for failing to register securities in the State of Iowa.
  • While the crypto winter takes its toll on crypto platforms, Ripple Labs, Binance, and Tron announced upbeat plans.
  • CEO and co-founder of Terraform Labs Do Kwon denied cashing out $2.7 billion.

Can Bitcoin and top Altcoins Have a Bullish Week Ahead?

Key Insights:

  • Bitcoin’s price has presented signs of extending the recovery to the $35,000 mark.
  • Ethereum still presents a high BTC correlation.
  • With volatility still high, altcoins could face hurdles going forward.

After the recent flash crash, the top crypto asset found a solid support at the $29,100 price level. Bitcoin price has been coiling up around the range of $29,000 – $30,000 for quite some time.

On Monday, BTC price started on a high note, rising to as high as $31,350. While technicals point towards range formation, indicating that an up move is likely in the coming days, the larger sentiment around cryptos remains ‘Extreme Fear.’

Nonetheless, with BTC establishing a solid footing at the $30,500 mark for the short-term, investors can expect altcoins like Ethereum, Ripple, Solana, Algorand, and others to do the same.

Bitcoin price presenting bullish signs?

BTC bulls are making attempts at recovery from the under $30,000 zone. This time, a strong comeback (if at all it happens) would be a testament to the bulls’ power and could determine bitcoin’s price path going forward.

Last week saw one of the most significant price losses in the history of the cryptocurrency market as BTC almost tested the $25,000 mark. BTC’s price was up by nearly 15% from last week’s price lows.

The top coin’s price still moved in the tight price channel of $29,050 – $31,250.A strong push from bulls would be needed to fuel buying pressure in the market over the coming days.

FXempire, BTC, Crypto
BTC 1-day price chart | Source: FXEmpire

Notably, bitcoin’s RSI on a daily chart was still in the oversold zone, a recovery above the oversold mark could indicate some sustained positive momentum for the top coin.

Additionally, with Bollinger bands on BTC’s 24-hour chart looking wide open, the market participants should expect high volatility going forward.

While BTC’s recent price lows have been swept at the moment, a significant price uptick seems unlikely in the short term due to the coincidence of Monday’s high and weekly open at the $31,268 price level.

Investors and traders could be cautious of a pullback towards Monday’s low at $29,027 and contemplate going long BTC. However, if bulls can push BTC price higher and flip Monday’s high at $31,250, the same would reveal a stronger conviction amongst buyers suggesting the likelihood of a short-term rally.

In case of a near-term uptrend, Bitcoin price could first retest the range high at $32,650. Once that is cleared, the next major resistance would fall at the $34,750 level.

After the $34,750 level is breached and BTC’s price is above the psychological support at the $35,000, more volatility and pressure from bears could be expected.

Institutions running the show?

Just last week, bitcoin and the larger cryptocurrency market fell as the Terra ecosystem collapsed. Bitcoin plummeted to under $30,000; however, institutional players took advantage of the circumstance, buying into BTC at a discounted price.

According to a CoinShares report, institutions invested $300 million into exchange-traded bitcoin funds last week. The previous week recorded record weekly crypto inflows for the year 2022, while the net weekly inflows were $274 million during the last week.

Additionally, it was noted that North American investors pumped $312 million into cryptocurrency while European investors saw a $38 million net outflow last week.

FXempire, BTC, Crypto
Source: CoinShares

The head of research at CoinShares, James Butterfill, spoke about the unprecedented volume of bullish investments in bitcoin funds despite increased market volatility. He said,

“It’s the highest weekly total since October 2021, and the 19th highest since records began in 2015.”

Can altcoins gain strength?

On BTC’s renewed short-term momentum, ether’s price saw a minor 2.5% price rise over the last day. ETH’s price had finally stabilized above the $1,980 support level, and while it can retest the $2,200 resistance, the same wouldn’t be possible without BTC’s bullish moves.

FXempire, ETH, Crypto
ETH 1-day price chart | Source: FXEmpire

On the other hand, bearish momentum in BTC’s price trajectory could pull ETH back to the $1945 support.

That said, some of the top market gainers in terms of price were – KAVA, Aave, Elrond, Kusama, Litecoin, and IOTA, among a few others.

Kava (KAVA) traded at $2.58 and was up by 11.06% in the last 24-hours while Elrond (EGLD) was up by 9.68% and oscillated at $100.03. That said, Litecoin (LTC) was up by 7.11% and traded at $71.28, at the time of writing.

Alogrand’s ALGO, Ripple XRP, and Solana’s token SOL were up by 6.84%, 3%, and 4%, respectively, over the last 24-hours but still traded below key resistance marks.

Some altcoins seemed to make notable gains, but sustained gains don’t seem to be on altcoins’ cards due to high volatility.

Crypto Market Daily Highlights – May 17

Key Insights:

  • The global crypto market cap is back above the $1.3trillion mark. 
  • BTC’s price has tested the $30,300 resistance. 
  • Both bullish and bearish news is driving market volatility higher.

 The larger cryptocurrency market has been rangebound for most of this month, as the global crypto market cap oscillated between the $1.2 trillion low and $1.34 trillion. 

Data from Coin Market Cap top 100 suggested that Kadena (KDA) jumped by 14.70%, and Algorand (ALGO) saw 11% daily gains leading market the crypto majors. 

It has been an eventful 24 hours for the crypto market, with BTC jumping back above the $30,000 mark and several altcoins in the top 100 making gains. Sustained gains, however, still remain in question as the market continues to be volatile. 

BTC risks falling to $20,000

According to some market experts, BTC’s chances of revisiting the lower levels are still high. The Luna Foundation Guard (LFG) recently revealed that it had sold almost all of its BTC reserves during last week’s Terra (LUNA) and TerraUSD meltdown. The higher amount of circulation BTC in the market added to price volatility. 

Famous trader Phoenix said in a recent Twitter post that if bitcoin’s price falls below the $29,494 mark, the next price range to watch would be $21,800-23,800. 

As highlighted in an FXEmpire article earlier this morning, the Bitcoin Fear & Greed Index fell from 10/100 to 8/100, its lowest level since March 14, 2020. 

The early-week BTC losses witnessed this week could be blamed on global investors in the equity markets and the crypto market responding to dire economic data from China.

Despite short-term price gains, weak technical signals and low buying pressure left bitcoin’s price in a rangebound movement. That said, in the traditional market, weak stats coupled with the threat of a recession left the NASDAQ 100 down 1.20%.

Even though Federal Reserve chair Jerome Powell’s assurances on the rate hike front have delivered support, the same has failed to change the larger economic outlook. Furthermore, the correlation between bitcoin and the NASDAQ strengthened marginally on Monday.

On a one-day chart, BTC’s price made some positive progress; however, high gains didn’t seem to be on bitcoin’s cards as RSI highlighted high selling pressure in the market. 

FXempire, BTC, Crypto, Bitcoin
BTC 1-day price | Source: FXEmpire

Analyst Rekt Capital pointed out that the $20,000 zone is an area of interest should current levels fail to hold and buyers not materialize.

LUNA and UST Debacle Continues

The South Korean Conservative Party has requested a parliamentary hearing on the dramatic fall of Terra’s LUNA and its algorithmic stablecoin UST. 

On Tuesday, the South Korean National Assembly’s Political Affairs Committee summoned Terraform Labs co-founder Do Kwon for a parliamentary hearing regarding the issue. The committee’s representative, People’s Power’s Yoon Chang-Hyeon, said,

“There is a part that raises questions about the behavior of exchanges during the crash. Coinone, Korbit, and Gopax stopped trading on May 10, Bithumb on May 11 stopped trading daily, but Upbit did not stop trading until May 13.”

However, amid the negative commentary, TerraUSD’s price managed to register 11.83% gains trading at $0.1216 at the time of writing. 

High Volatility Sends Altcoin Prices Up

A recent Santiment report highlighted that for those ‘expecting less volatility for crypto markets in the first weeks of May after the rocky first four months of 2022, a continued pattern of downswings shook even crypto’s optimistic traders to their cores.’

After the second FOMC meeting that resulted in the US Fed increasing interest rates by another 0.5%, crypto markets showed some life for 24 hours. At press time, some of the top gainers were altcoins like Elrond (EGLD), Kava (KAVA), Aave (AAVE), and Kadena (KDA)

Algorand (ALGO) also gained close to 7.82% as the token traded at $0.49 at the time of writing. On the other hand, BAYC’s ApeCoin (APE) also noted 7% gains, trading at $8.73. 

Interestingly, Litecoin’s price saw a bounce of over 6% in the last 24-hours as it traded at $70.83. 

One of the most interesting news came from China, as bitcoin mining was back in the news this week, with new data showing China as the second-largest bitcoin mining nation, despite an outright ban.

A recent, FXEmpire article also highlighted that the world’s largest digital currency asset manager, Grayscale, confirmed that it would be bringing its first European ETF called the Grayscale Future of Finance UCITS ETF (GFOF).

Thus, with both bullish and bearish developments taking place in the crypto market, volatility could continue to push BTC and the global crypto market’s boat in the near term. 

Bitcoin and Ether Start Recovery, MATIC Forms Bullish Candle

Key Insights:

  • Bitcoin (BTC) declined sharply and tested $30,000.
  • Ether (ETH) is recovering losses from $2,200.
  • MATIC seems to be setting up for a key upside break.

Bitcoin

In the past few sessions, the bitcoin (BTC) price saw a major decline below the $35,000 level. There was a steady decline and the price traded below $32,000.

It tested the key $30,000 support and recently started an upside correction. There was a decent increase above the $31,000 and $31,500 resistance levels. Bitcoin cleared a key bearish trend line and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Chart by FXEmpire

However, the price is struggling to settle above $32,000 and $32,200. If the bulls gain strength, the price could recover to $33,800. Conversely, it could start a fresh decline towards the $30,000 support zone.

Ethereum (ETH)

ETH also followed a downtrend and traded below the $2,400 support. It even declined below $2,300 and tested the $2,200 zone.

It is slowly rising and trading above the $2,350 resistance. There was a move above a major bearish trend line at $2,380 on the hourly chart. Ether price is now consolidating above $2,400 and the 21 simple moving average (H1).

Ether ETH Hourly Chart
ETH Chart by FXEmpire

On the upside, there is a key barrier near $2,480 and $2,500. A close above $2,500 might start a steady increase in the near term.

Polygon (MATIC)

MATIC started a major drop from the $1.50 resistance zone. The bears gained strength for a move below the $1.30 and $1.20 support levels.

The price settled below the $1.10 level and the 21-day simple moving average. Finally, it traded below the $1.00 level and tested the $0.80 support. A base is formed above the $0.80 level and there is a strong bullish candle in place on the daily chart.

MATIC Daily Chart
MATIC Chart by FXEmpire

It is now facing a strong resistance near the $0.98 and $1.00 levels. There is also a major bearish trend line with resistance near $1.02 on the daily chart.

A close above the $1.00 and $1.02 levels may perhaps send MATIC price towards the $1.15 resistance zone or even $1.20. If not, there is a risk of a fresh decline below the $0.85 level.

ADA, BNB, and DOT price

Cardano (ADA) tested the $0.60 and recovered over 10%. The price is now attempting a close above the key $0.70 resistance zone.

Binance Coin (BNB) declined heavily and even spiked below $300. The next major resistance is now forming near the $335 level.

Polkadot (DOT) tested the $10.00 support zone, where the bulls emerged. The price is now rising and trading above $11.00. On the upside, the $12.00 level presents a major hurdle.

A few trending altcoins are SHIB, TRX, and EGLD. Out of these, EGLD is gaining momentum above the $110.00 resistance level.

Cryptocurrencies to Watch This Week – BTC, LUNA, ETC, EGLD, WAVES

Key Insights:

  • With BTC back near the $40,000 range, the weekend gains are reversed.
  • ETC, EGLD, and WAVES noted double-digit weekly gains at press time of the top coins.
  • Bitcoin’s short-term uptrend could further push the top gainers’ prices.

After a six-day streak of making higher highs and higher lows, bitcoin’s price fell to $40,915 at press time, noting 2.46% losses over 24-hours. While BTC was testing its lower support, certain altcoins seemed to garner attention with their high weekly gains.

Notably, the global crypto market cap stood at $1.86 trillion with a 1.77% decrease as most coins started to consolidate once more on the recent BTC losses. Nonetheless, of the top 50 cryptocurrencies, Terra (LUNA), Ethereum Classic (ETC), Elrond (EGLD), and Waves (WAVES) were some of the top gainers highlighting high weekly gains.

To better understand what to expect from these coins, let’s look at their price movements as a new week begins.

Bitcoin (BTC)

Bitcoin faces resistance near $42,411 as bulls face challenges from the bears at higher price levels. BTC’s recent u-turn from the $42,000 level indicates that traders maintain a cautious stance.

FXempire, BTC, Crypto, bitcoin
BTC Price Action | Source: FXEmpire

Notably, the BTC/USD pair maintained around the upper $41,000 zone on March 20. The coin saw one of its best weekly closes since early February.

In the late hours of March 20, the price started to slide down as bitcoin slipped under the critical support presented by its moving averages. BTC’s return above the $41,120 price level could mark a near-term recovery for the top asset.

The top coin still hovered above the key $40,360 support, which was good. As highlighted by Glassnode, the futures market was driving BTC’s spot price. Notably, there was more activity in the futures market as futures prices converged with spot.

FXempire, BTC, Crypto
Source: Glassnode Twitter

Terra (LUNA)

Terra’s native token LUNA has displayed an exceptional market dissociation in 2022, making a new all-time high of $104 on March 10. Yet again, as the market gained momentum last week, LUNA saw a close to 6% rise in the previous two days.

FXempire, LUNA, Crypto, terra
LUNA Price Action | Source: FXEmpire

Even though LUNA suffered from some choppy price action over the weekend, its price seemed to chart a recovery at press time, trading at $94.18, noting 1.47% daily and 4.24% weekly change.

The 7th ranked coin’s moving averages and the relative strength index (RSI) noted a slight uptick favoring bulls. The same indicated an advantage to buyers alongside minor price gains.

This week, the $86 and $96 price levels would play key support and resistance zones for LUNA. A move below the $86 mark could lead to selling pressure taking over the coin, while a move above $96 could trigger fresh rallies.

Ethereum Classic (ETC)

Making a star-studded comeback, Ethereum Classic (ETC) saw close to 60% gains over the last week. The coin saw one of its highest trade volume candles since the May 2021 bull run as trade volumes saw an over 50% rise in just one day.

FXempire, ETC, Crypto
ETC Price Action | Source: FXEmpire

ETC’s recent gains have reversed the losses since December 2021, bringing its price back to the early-December 2021 levels. Notably, RSI for ETC was still hovering in the overbought zone on a daily chart and noted high values last seen in August 2021.

The overheated ETC market could face a short-term rebound, especially since RSI presented high values.

While aggressive buying has pushed ETC’s price near the overhead resistance at $40, bears are likely to defend this level as trade volumes wane. Notably, the next significant support for ETC lies at the $35 mark, and moving under the same could trigger sell-offs.

At press time, ETC traded at $38.93, noting 8.50% daily and 50.11% weekly gains. If bulls can push ETC above the $40 resistance, another round of decent profits could follow.

Elrond (EGLD)

EGLD has been in a more significant uptrend for the last one-week, noting 19.01% weekly gains at press time. Elrond’s price broke above its key moving averages on March 15 as the price saw a close to 15% rise in just one-day.

FXempire, EGLD, Crypto
EGLD Price Action | Source: FXEmpire

Buyers’ interest seemed waning despite the minor daily gains as trade volumes had flattened out on a daily chart. A slight uptick in daily RSI indicated that bulls are still attempting a comeback.

Notably, bears have kept EGLD from making it past the $168 resistance over the last few days. A push from bulls above this crucial resistance could trigger short-term gains for the coin. However, if bears pull EGLD’s price under the $156 support, further price losses could be expected.

Waves (WAVES)

Waves, the 37th ranked coin, traded at $32.82 at press time, noting 2.95% daily and 25.91% weekly gains at press time. Since late February, the currency has charted over 250% gains and was a mere 17% away from its all-time high value of $40.35. 

FXempire, Waves, Crypto
WAVES Price Action | Source: FXEmpire

The coin’s daily RSI still hovered in the overbought zone, where it has been for most of this month. The $34 price level acted as a crucial resistance as bulls tried to push their way above. 

If WAVES can establish above the $35.5 mark, a run for a new all-time high could be expected this week. 

National Bank of Romania Grants Green Signal to a Blockchain Acquisition

Key Insights:

  • Elrond blockchain network has acquired the Romanian payments platform Twispay.
  • National Bank of Romania has granted Elrond clearance to get an e-money license.
  • Regulated e-money institutions would be authorized to create stablecoins.

The Romanian central bank approved the Enterprise-oriented blockchain platform Elrond to buy Twispay, a regulated e-money platform.

Per a release on Thursday, Elrond has secured an e-money license as a part of the deal. This means that the blockchain firm could issue regulated stablecoins such as Tether in the European Economic Area in the future.

Twispay is a key member of Visa and Mastercard and a regulated e-money issuer. E-money is a store of value, as opposed to fiat, and is used to make it easier for users to transact electronically.

According to data from Statista, over 6.1 billion e-money transactions took place in the EU in 2020 alone.

Acquisition Objectives

With the new acquisition, Elrond aims to:

  • Enhance Twispay’s payment infrastructure with blockchain technology to boost settlement transparency, reduce time and improve transaction reliability.
  • Issue regulated stablecoins, crypto debit cards, explore benefits of decentralized finance (DeFi), and non-fungible tokens (NFTs).
  • Conduct e-money services across the European Union Iceland, Liechtenstein, and Norway under EU passport laws.

The central bank of Romania has made a ‘landmark’ decision by approving the blockchain acquisition, said the CEO of Elrond, Beniamin Mincu.

“This landmark decision from the Romanian Central Bank opens the door for EU citizens, and soon for everyone everywhere, to significantly benefit from value flowing with near-instant settlement times, at 100x fewer costs, with full transparency, and higher reliability.”

Elrond, in January, bought Utrust, a Web3 payments platform, to improve existing Web3 payments solutions and launched Merchant Yield products. 

Additionally, the acquisition arrives when the EU Parliament is trimming the energy-consuming Proof of Work blockchain networks as they threaten climate change.

Elrond’s native token EGLD remains unshaken by the news of the Twispay acquisition. The token was trading at $141.68, down 2.19% for the day, with a $3.31 billion market valuation at press time.

Crypto Moves in Romania

Romania has been updating its regulations for the crypto assets and blockchain industry.

According to authorities from the Ministry of Finance, subsequent crypto regulatory actions to be taken at the national level will largely depend on the outcome of the ongoing discussions within the European Union.

Romania’s Ministry of Finance is aware of the relevance of crypto assets for the country’s tax system. The government also finds it is necessary to update the country’s tax regime.

Elrond Partners with Utrust, Sending EGLD Above $200 Again

EGLD, the native token of the Elrond ecosystem, is trading above the $200 mark again following an exciting partnership with Utrust.

Utrust and Elrond Partner to Explore the Web3 Payments Landscape

The Utrust team announced yesterday that it had partnered with Elrond. The partnership will see the two cryptocurrency companies unite to take over the Web3 payment ecosystem.

Elrond is a high-throughput public blockchain designed to provide security, efficiency, scalability, and interoperability. The blockchain can process over 10,000 transactions per second, with low block times and negligible fees.

Utrust, on the other hand, is a payment integration solution that enables e-commerce businesses to accept digital currencies as a form of payment.

According to Utrust, the partnership with Elrond will enable them to go bigger, faster and better than ever before.

The Utrust team said, “Both teams will start working together immediately, and we will present a public comprehensive roadmap shortly. We will be fully committed to execution, so this will be live and updated at all times.”

EGLD Rallies Following Utrust Partnership

EGLD, the native token of the Elrond blockchain, has been performing excellently since the news of the partnership came out. Over the past 24 hours, EGLD has added more than 6% to its value and is now trading above $205 per coin.

This news served as a positive catalyst for EGLD, which has lost more than 13% of its value since the start of the year. EGLD was previously struggling to top the $200 psychological level prior to this announcement.

EGLD is trading below its 50-day EMA. Source: FXEMPIRE

EGLD’s technical indicators are still bearish, but they are improving. EGLD is currently trading at $205, below its 50-day moving average price of $274. It would need a massive rally to break past the 50d-day EMA in the short term.

The MACD line remains in the negative zone despite the coin’s current rally. The 14-day RSI of 39 shows that EGLD is slowly moving out of the oversold region.

While EGLD is rallying, UTK, the native token of the Utrust platform, is underperforming. UTK is down by 10% in the last 24 hours and is currently trading at $0.38 per token.

Elrond (EGLD) Moves Towards $200 As Pullback Continues

EGLD gained strong downside momentum amid broad crypto-market sell-off and is down by as much as 16% in 24 hours.

Elrond Suffers A Pullback Despite Growing Popularity Of NFTs

Elrond, which has just provided an update on its NFT ecosystem, has been trending lower since late November, when it managed to get above the $540 level.

In the update, Elrond stated that more than 223,000 NFTs have been minted on the Elrond Network, and more than 22,000 accounts owned at least one NFT.

Such growth levels have previously served as a material upside catalyst for EGLD and pushed it to all-time highs in November, but it was not sufficient enough to prevent a pullback.

The key problem for Elrond and other promising projects right now is the general outflow of funds from crypto markets. The total crypto market cap declined from $3 trillion to $2 trillion in just two months as investors and traders rushed out of riskier assets in anticipation of higher interest rates in 2022.

EGLD cannot sustain the pressure in an environment when the world’s leading cryptocurrency, Bitcoin, is losing more than 35% of its value in just two months.

The Technical Picture Remains Bearish

egld january 6 2022

EGLD managed to settle below the support level near $230 and is trying to get below the $200 level. RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum in case the crypto market sell-off continues.

In case EGLD declines below $200, it will head towards the support at $180. A move below this level will open the way to the test of the next significant support level near $165.

On the upside, EGLD needs to get back above the $230 level to have a chance to develop sustainable upside momentum. A move above $230 will push EGLD towards the 20 EMA near $245. If EGLD manages to settle back above the 20 EMA, it will head towards the next resistance level at the 50 EMA near $270.

egld h1 january 6 2022

Taking a look at H1 chart, we can see that EGLD began to rebound when RSI dipped into the extremely oversold territory. However, RSI has already moved back into the moderate territory, which means that EGLD may easily gain additional downside momentum in the near term in case the right catalysts emerge.

Crypto News Updates: Filecoin (FIL), Theta (THETA), Elrond (EGLD), Bitgert (BRISE) & Helium (HNT)

There are already several cryptocurrencies that are showing huge potential and are worth taking a look at. For the investors in the crypto market, here are crypto projects that are worthy of considering:

Filecoin (FIL)

Filecoin is a cryptocurrency that was launched in 2017 to provide decentralised storage solutions. Considering that humans require safe storage for their most variable data, the team started developing a platform that would allow users full control of their safe storage.

Filecoin provides a platform where users can store their most variable data in a decentralised manner. This simply means there are no third parties that can access the data. The safety and the integrity of the storage are guaranteed, unlike cloud storage. This is what is attracting investors and users to the project.

Over the years, the team has improved the platform with the advancing blockchain technology. There has been the addition of more products on the platform, which increases the project utility. Look at the 2022 roadmap to see why this might be one of the biggest cryptos in 2022.

Theta (THETA)

The demand for video streaming has seen platforms like Youtube grow big within a very short time. But the decentralised of video streaming is what makes Theta one of the biggest cryptocurrencies. The platform is decentralising video streaming by allowing users to share bandwidth and computing resources on a peer-to-peer (P2P) basis.

With video streaming growing big every day, Theta is projected to become one of the biggest cryptocurrencies of 2022. The number of users and content developers that will be joining the platform is predicted to increase significantly in 2022. This will see the demand do the THETA, the native coin, increase.

The team has also revealed an impressive 20222 roadmap that aims to improve the utility and efficiency of the platform. Therefore, this is an ideal investment because of its huge potential to break out in 2022.

Elrond (EGLD)

Founded in 2017, the Elrond project objective was to address the speed problem on the blockchain. With Bitcoin and Ethereum having scaling issues, there was a need to improve speed to accommodate the growing number of crypto users. Elrond team designed a blockchain protocol that increased the number of transactions per second.

Over the years, the team has been working on this platform and has built one of the most powerful blockchain protocols that use sharding technology to address the scaling issues. With growing demand from users, the platform has also added products to the ecosystem to keep the platform intuitive and user friendly.

Elrond is still one of the best blockchain protocols when it comes to transaction speed. The team has also improved the security, gas fee and sustainability making it an ideal investment for 2022.

Bitgert (BRISE)

Bitgert (BRISE) is one of the most talked-about crypto projects in the crypto market today. The token is trending on the major exchanges, including Binance and others. It is currently one of the mooning cryptocurrencies in 2022. But the recent surge in price and the coin market value is development done by the team.

For a project that launched on July 28th 2021, the team has accomplished a lot by launching the staking process. Bitgert is a Defi project that is building a powerful payment system that enables users to transact on a p2p platform.

But the team is developing products that make this project the biggest thing in DeFi. The team is developing a centralised cryptocurrency exchange and a zero gas fee blockchain. These are two products making the project popular.

The Brise exchange is launching in Q1 2022. The gas-free blockchain is in the development stage, and the launch date will be announced soon. In addition to impressive products, the team is doxxing, and the project is registered as a legal entity. Check out more on the Bitgert website.

Helium (HNT)

Helium (HNT) is a unique blockchain protocol built to decentralise the Internet of Things (IoT). The platform launched in 2019 and has been performing very as the adoption of IoT technologies increases. The technology works by the Helium mainnet allowing low-powered wireless devices to communicate with each other as well as send data across the nodes.

The platform is increasingly growing popular as more people invest in IoT devices, and we are likely to see the value of the coin increasing in 2022. The team is blending LoRaWAN and blockchain technologies to provide a platform that caters to even the latest and emerging technologies in IoT.

The Helium team has also released the 2022 road map, which shows how great this project is going to be in 2022. This is why it has been featured on this list.

Do thorough research before investing in any of these cryptocurrencies or any other crypto project. The information herein may not enable the investor to make a solid investment decision. This is why more research is recommended.

EGLD Headed Back Above $300 as the Bulls Take Charge

Elrond (EGLD/USD) has been on a tear over the course of the last two sessions. After bouncing at a significant area of support in the $220s on Monday, the cryptocurrency has now surged as high as the $270s, a more than 20% rally. EGLD/USD is now probing last Friday’s highs at $280, though still has some way to go to recover back to last week’s double top in the $315 area.

Short-term bullish breakout

The latest push high comes amid a surge in technical buying after Elrond broke to the north of a significant medium-term downtrend that had been capping the price action all the way back to the November 23 record high. Since then, EGLD has pulled back from nearly $550 per token, so at Monday’s lows, that amounted to a drawdown of nearly 60%.

But the recent bullish break signifies that the recent bearish trend is over, for the time being at least. Short-term technical bulls will be targetting a test of last week’s double top around $315 and then on an even more significant area of resistance just above it in the $320-$340 area. This has been a significant balance area (of both support and resistance) in recent months, is where the 21 and 50-day moving averages reside and coincides with an important uptrend that Elrond fell below in early December.

EGLD breaks above key downtrend, eyes move above $300. Source: FXEmpire

If the bulls can push the cryptocurrency back to the north of this area, there wouldn’t be much (technically speaking) to prevent a rally all the way back to record levels.

Long-term bearish risk

But pushing above the $320-$340 zone will be a significant battle as many longer-term bears may see a recovery to this area as a good re-entry point to load up on shorts. The early December break below the long-term uptrend that has supported EGLD/USD price action going all the way back to mid-July signified and end to the Q3 to early Q4 bull run.

The implication is that EGLD has likely re-entered a period of consolidation. Failure to recover back to the $320-$340 region and to break above it would be a confirmatory signal. Long-term bears, or traders just seeking to “play the range” may use such a recovery as an entry point to ride EGLD all the way back to recent lows in the $220s. Indeed, $220-$340 could well become the medium-term range.

But EGLD below long-term uptrend. Source: FXEmpire

Just as a break above this range would open the door to a return to record highs in the mid-$500s, a break below this range would signal a move back under $100 towards early summer lows in the $50s-$60s would be on the cards.

EGLD Price Analysis – Elrond Attempts To Stabilize After Recent Sell-Off

Elrond has been under material pressure since mid-November as traders began to take profits off the table after the major rally. After touching highs near $540, Elrond lost momentum and moved below the $300 level.

This move coincided with the general sell-off in crypto markets which was led by Bitcoin. The world’s leading cryptocurrency moved from the $60,000 level to the $50,000 level (and traded below $43,000 at the low point of the recent sell-off), and it looks that this move triggered a wave of profit-taking in other coins.

H4 Chart Technical Analysis

elrond h4 december 9 2021

Elrond is currently trying to settle above the 20 EMA on the H4 chart. I’d note that all recent attempts to rebound have been stopped at lower levels, but EGLD has also received support at higher levels when it tried to move to new lows. Typically, such formations are good for upside breakouts, so Elrond has a decent chance to gain upside momentum in case it manages to settle above the 20 EMA on the H4 chart.

If Elrond gets above the 20 EMA near $293, it will head towards the next resistance level at $302. A move above this level will push Elrond towards the next resistance which is located near the 50 EMA at $312. In case Elrond gets above $312, it will continue its upside move and head towards the resistance at $322.

On the support side, the nearest support level for Elrond is located at $282. A move below this level will push Elrond towards the support at $270. In case Elrond declines below this level, it will head towards the support at $260.

Daily Chart Technical Analysis

elrond daily december 9 2021

Now, let’s take a look at the bigger picture. Elrond is pulling back in a wide downside channel. In case Elrond starts to move higher, it will need to get above the 50 EMA near $324 to have a chance to gain sustainable upside momentum.

Please note that there is a material resistance level at $322 on the H4 chart, so you can expect significant resistance somewhere in the $320 – $325 area. I’d also add that Elrond faced significant resistance near $325 when it was consolidating before rally in November.

In case Elrond fails to get above the 50 EMA on the daily chart, it will likely continue its downside move. A move below the $260 level will indicate that Elrond is ready to get closer the recent lows near the $220 level. RSI is in the moderate territory despite the major pullback, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

For a look at all of today’s economic events, check out our economic calendar.

Panther Protocol to Build an Interoperable Privacy Layer

The DeFi space has experienced rapid growth over the past few months, but interoperability is an area that could still grow. Developers find it hard to provide basic privacy features to their users without breaking the bank.

However, the DeFi ecosystem is growing, and new solutions are emerging to boost adoption for both the developers and the users.

Panther Protocol Raises More Than $32 Million

Panther Protocol, an end-to-end privacy solution that creates privacy for DeFi and Web3 users across public blockchains, has announced that it has raised $22 million in a public sale event. Thus, bringing the total amount raised by the team to $32 million.

According to its official website, Panther Protocol is an end-to-end privacy protocol for DeFi. Panther provides DeFi users with fully collateralized privacy-enhancing digital assets, leveraging crypto-economic incentives and zkSNARK technology.

The Panther team said the funds would be used to build an interoperable privacy layer for the decentralized finance space and web 3.0. Panther Protocol’s CEO Oliver Gale told FXEmpire that “The raise was a humbling moment for us all. Our team executed the public sale flawlessly and barely took a breath to issue quiet congratulations before continuing with business as usual and preparation for our token generation event. This year will see a groundbreaking privacy innovation for launching protocols privately, and in a decentralized fashion, an incentivized testnet followed by a v1 protocol release taking us in the holidays.”

By raising funds via a public sale, Panther Protocol is offering the opportunity for wider community engagement and participation in an end-to-end privacy protocol for DeFi and Web 3.0 users.

At the moment, the Panther team is building on numerous blockchains, including Ethereum, Polygon, Flare, Songbird, NEAR, and Elrond. In addition to developing APIs, SDKs and custom integrations, Panther will enable decentralized application developers to provide privacy features within their apps. Hence, eliminating the need for highly specialized cryptographers and privacy tech engineers.

The DeFi Ecosystem Continues to Grow

The DeFi space remains one of the fastest-growing in the cryptocurrency industry. Recent reports have indicated that the total value locked (TVL) across DeFi lending protocols surpassed the $230 billion mark earlier this year.

The space is expected to grow even bigger over the coming years, and Panther Protocol wants to play an important part in the sector. Panther Protocol co-founder Anish Mohammed concluded that “As with duality of light, privacy has a dual nature, we are in the history of privacy where we are just reconciling, privacy’s dual nature. Panther protocol has managed to allow both privacy and authenticity by combining zero-knowledge proof systems and selective disclosures.”

Elrond (EGLD) Soars Above $500 Ahead Of Native DEX Launch

Elrond’s coin (EGLD) took a flight of over 60% in just three days following the deployment of the liquidity incentive program through its blockchain network.

The maneuver happened as part of the preparations of the forthcoming of the platform’s native decentralized exchange (DEX) Maiar, as the liquidity incentive program seeks to supercharge the launch.

Billionaire Incentive Program

The announcement was not a minor one because the plans are ambitious – Elrond network aims to provide a total incentive of up to $1.29 billion.

So far, the price action managed to hit a high at $544.25 after the skyrocketing’s move, but the price then lost steam as expected and as part of a healthy corrective move in the midst of the impulsive wave left by EGLD.

Currently, the altcoin is exchanging hands around the $503 neighborhood, far from both the 50 and the 200-period simple moving averages at the H4 chart. Still, the bullish steam remains on a solid foot, printing new signs that it can get bolstered in the coming days.

Targeting $600 After Breaking Above $545

In fact, EGLD is poised to resume the bull-run once it tests the 61.8% Fibonacci retracement level at $383.44, which also converges with the 50 SMA. However, if it gives up in favor of the sellers, the bearish bias could gather momentum and then push the altcoin lower towards the $320 level (200 SMA).

EGLD FXEmpire

The corrective move could extend further due to the overbought conditions shown by the RSI indicator at the H4 chart despite the slope is trending higher. The nearest support zone lies at $483.28, followed by the $445.12 level.

On a bullish scenario, if EGLD breaks above the highs of November 23 at $544.25 to target the next psychological level of $600 in the midst of a discovery mode that the altcoin could enter. After clearing that area, eyes will be on the $620 zone as the next tough nut to crack.