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EGLD PRICE BULLISH BREAKOUT IN DANGER AS ELROND ANNOUNCES NEW NFT AND P2E
PLATFORM

Cryptos | 11/1/2022 4:15:38 PM GMT
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 * EGLD price faces increasing resistance at $60.00 amid the formation of a
   rising wedge pattern.
 * Elron has released Cantina Royale, an NFTs and P2E platform, on its mainnet.
 * A daily close above $60.00 will ensure that the bullish outlook on Elrond
   price extends the leg to $68.00.

EGLD price is at a crucial juncture that could decide the direction it will take
in coming sessions or a few days. A sharp bullish move from support at $45.50
paved the way for an extended leg to $60.00. However, a daily close above this
level is essential for its next recovery phase eyeing $68.00.


INTRODUCING CANTINA ROYALE – AN NFTS AND P2E PLATFORM ON ELROND

Elrond announced the release of its new gaming and NFTs (non-fungible tokens)
platform referred to as Cantina Royale on Monday. According to a post published
on Twitter, Cantina Royale promises an “incredible blockchain-based gaming
experience for all.”



Although Cantina Royale is in its beta stage of development, Elrond is already
conducting an invite-only program to allow early access to the game. NFT holders
and Open Beta players are automatically invited to participate.

Elrond will follow this development by releasing game versions for PC, Android
and iOS users. Traders will have an opportunity to earn rewards in addition to
accessing an NFT lending pool. Features such as an in-game trading system and
character progression are already in place.

The release of the Cantina Royale gaming and NFTs platform could positively
impact the Elrond price, especially as players take up EGLD tokens to make
in-game purchases. The protocol’s use cases are also getting a boost, opening
Elrond to a larger audience. EGLD has much to gain with this entrance into the
NFTs and P2E (play-to-earn) arenas.


WHAT’S NEXT FOR EGLD PRICE?

EGLD price faces acute seller congestion at $60.00 and a potentially bearish
outlook presented after forming a short-term rising wedge pattern. The RSI
(Relative Strength Index) reveals that buyers firmly hold the fort while seeking
a reprieve above $60.00.

A rising wedge is a highly bearish pattern that indicates that a prevailing
uptrend may soon flip bearish. In the case of Elrond price, selling pressure at
$60.00 could exacerbate the risk of a retracement in price.



EGLD/USD daily chart

Short-term sell opportunities could emerge as EGLD breaks below the lower trend
line of the wedge. A 9.71% profit target extrapolated from the breakout point
could see Elrond price retest support at $52.00 before regaining ground to
$60.00.

For traders who remain stubbornly bullish, short-term long positions are
recommended above $60.00, with the first take-profit at $63.00. If the trend
proves to be extremely bullish, the second take-profit target is the massive
seller congestion at $68.00.

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EDITORS’ PICKS


DERIBIT LOSES $28 MILLION WORTH OF CRYPTOCURRENCIES TO A HACK

Deribit, a cryptocurrency exchange focused on options trading, announced on
November 2 that its hot wallets were compromised. The exchange confirmed that
they suffered a loss is $28 million and that necessary steps are being taken to
refund the users.


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MICROSTRATEGY’S BITCOIN HOLDINGS’ IMPAIRMENT CHARGES LESSEN IN Q3 AS BTC’S PRICE
ANCHORS AT $20,000

MicroStrategy is known for being the largest publicly traded Bitcoin holder,
with about 130,000 BTC in its wallet. The company has faced criticism as well as
praise from the crypto.


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DECENTRALAND PRICE PREDICTION: A 20% RALLY FOR MANA IS POSSIBLE

Decentraland price could be setting up for a countertrend rally targeting the
September highs. Last month, the Ethereum-based gaming token witnessed a 23%
rally, printing a last-minute October high at $0.73. Invalidation of the bullish
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CRYPTO.COM PRICE PREDICTION: WILL THE LAUNCH OF VISA PARTNERED FIFA NFT
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Crypto.com price has not reacted the same way as other cryptocurrencies have in
the last few days. Stuck in consolidation, CRO is nowhere close to breaking
through the almost three-month-long resistance.


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BITCOIN: WHY A $28,000 BTC MAKES MORE SENSE NOW?

Bitcoin price is reacting well to the bullish developments that have been taking
place over the last month or so. A recent breakout could be the start of a
prolonged move up when looked at via the lens of Bitcoin’s historical
performance in Q4s stretching over the last decade. 


Read full analysis




BTC




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