The Internet Scale Blockchain by Elrond(EGLDUSDT analysis)📉📈
✅What Is Elrond (EGLD)✴️ ?
Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency and a $0.001 transaction cost.
coinmarketcap- elrond.com
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📉📈TECHNICAL ANALYSIS
As you can see in the weekly time frame for EGLD/USDT, the price is trading around 241$ right now.
With the fall of bitcoin in May2021 , it dropped to about $ 55, but the interesting fact is that it was able to recover very well and grow to around $ 300 with a staggering 600% growth.
It has now fallen slightly below its local resistance around 250-260. In these complex market conditions for the crypto market and btc today , it is not clear whether it will grow now or not. If a strong weekly candlestick closes above the resistance, it may. But as the figure shows, it may need a little price correction and then start to grow. Now it can go down to the green boxes that act as support.
The rest of the points are clear in the chart or in case of ambiguity, leave a comment at the bottom.
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- 💥(Note that most of my analysis on the weekly timeframe basis is more for long-term investment rather than short-term trading.)
💥(Anyway, I highly recommend novice investors and traders to consider risk management and buying in a few steps) .
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👉This analysis is my personal opinion ,not a financial advice ,so do your research.
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🙏with Best Regards
Trade active:
TP1 was hitted .😎👍
come on baby next one!
come on baby next one!
