MultiversX Breaks Out of Falling Wedge Pattern, Analyst Sees $870 Bull Market Top Price

The price of EGLD is expected to reach $870, with a potential bull market top price between $250 and $270, according to an analyst. This prediction is based on a breakout from a bullish falling wedge pattern. Meanwhile, Bitcoin's recent price drop has sparked concern among traders, but many remain bullish about its potential to hit new highs in the coming months, with some predicting a next ATH price between $125,000 and $135,000.

The cryptocurrency market has experienced a rollercoaster ride in recent months, with Bitcoin leading the charge. Amidst this volatility, Elrond's (EGLD) price has been making waves, with analysts predicting a potential bull market top between $250 and $270 [1]. This optimistic outlook is based on a breakout from a bullish falling wedge pattern [1].

Elrond, a high-performance, decentralized blockchain platform, has been gaining traction due to its unique features. The platform, which rebranded from Elrond to MultiversX at the end of 2022, is known for its focus on security, scalability, and adaptability [1]. MultiversX's mainnet launched in 2020 and has since processed over 15,000 transactions per second (TPS), with a reported test net capacity of 263,000 TPS [1].

EGLD, the native token of the MultiversX network, has been following suit, with its price surging towards $870. According to FXStreet, EGLD's price is currently trading at around $69, indicating a potential short-term increase [2]. The successful bull flag pattern, which has been forming over the past couple of days, is hinting at a 19.59% rally still probable, making $84 the target price [2].

MultiversX's recent partnership announcements have also contributed to the positive sentiment surrounding EGLD. The platform announced a partnership between two of its entities, xExchange and xLaunchpad, which aims to supercharge the MultiverseX ecosystem by providing market bootstrapping and incubating new projects [2].

Despite concerns about Bitcoin's recent price drop, many traders remain bullish about its potential to hit new highs in the coming months. Some even predict a next all-time high (ATH) price between $125,000 and $135,000 [1]. The positive sentiment surrounding Bitcoin and other cryptocurrencies is likely to have a positive impact on EGLD's price as well.

In conclusion, Elrond's EGLD token is expected to reach $870, with a potential bull market top price between $250 and $270. This optimistic outlook is based on a breakout from a bullish falling wedge pattern and recent partnership announcements. Despite concerns about Bitcoin's recent price drop, many traders remain bullish about the cryptocurrency market as a whole, which is likely to have a positive impact on EGLD's price as well.

References:

[1] CoinTelegraph. (2023, January 11). Elrond (EGLD) Price Index. https://cn.cointelegraph.com/elrond-egld-price-index
[2] FXStreet. (2023, January 12). EGLD price aims at extending rally following bullish breakout, reclaiming $70 as support. https://www.fxstreet.com/cryptocurrencies/news/egld-price-aims-at-extending-rally-following-bullish-breakout-reclaiming-70-as-support-202401021545