Elrond (EGLD) price prediction for February after soaring nearly 240%

Written by: Michael Harris
February 10, 2021
  • Cryptocurrency broker Voyager Digital has listed the Elrond on its platform recently
  • The EGLD price has traded almost 240% higher in February at one point
  • A deeper pullback is likely warranted given the scale of a recent bullish move in EGLD

Elrond Gold Token (EGLD) price is up almost 240% in February as the pullback starts on profit-taking.

Fundamental analysis: EGLD listed on Voyager Digital

Cryptocurrency broker Voyager Digital has listed the Elrond on its platform recently, broadening its offering of 55+ crypto assets.

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“The listing of our 56th token now offers U.S. customers an easy way to invest in the Elrond Network. Investors will now have the ability to download the Voyager App, fund their account, and begin trading eGold within minutes,” said Steve Ehrlich, Co-founder and chief executive of Voyager. 

Voyager Digital offers retail and institutional investors a turnkey solution that allows trading of digital assets.

Elrond is a highly-scalable blockchain platform for distributed apps used by enterprises. The platform’s native token called eGold (EGLD) is used by consumers for paying network fees, as well as for staking and rewarding validators. EGLD’s other use-cases include financial technology, DeFi, and the Internet of Things. 

Beniamin Mincu, chief executive and co-founder of Elrond, said the shift from traditional to DeFi is expected to facilitate the development of regulatory framework in a number of positive ways. 

He added that a publicly-traded firm such as Voyager will significantly accelerate the unleashing of “blockchain’s multi-trillion-dollar potential”.

Technical analysis: EGLD price skyrockets

The EGLD price has traded almost 240% higher in February at one point today and yesterday before a pullback of over 20% from the highs has started. The price action is moving higher on a continuous basis for nearly three weeks. 

EGLD daily chart (TradingView)

A deeper pullback is likely warranted given the scale of this move in EGLD. It is likely that we will see the price action moving to the $150 area, where the 38.2% Fibonacci line is located, offering a chance to late buyers to buy EGLD.

Summary

Cryptocurrency broker Voyager Digital has listed the Elrond on its platform recently, helping the coin to continue its impressive bullish move.