Cryptocurrency Market Update: Elrond’s enormous 3,000% rally as Bitcoin stalls under $9,400

Bitcoin finally broke out of the range it stuck in for several weeks. The sign of volatility in the cryptocurrency market and especially for Bitcoin was welcomed by traders with open arms. The motionless Bitcoin price action had driven investors to finding opportunities in altcoins such as Stellar, Cardano, Chainlink and Tezos.

The brief rally on Tuesday blasted past several barriers including $9,300 and $9,400. However, gains became unsustainable towards $9,500. Instead, BTC/USD lost some of the ground gained, making a comeback into the $9,300 range. At the moment, Bitcoin is exchanging hands at $9,337 while facing increasing selling activity at the 50-day SMA. On the downside, support has been established at $9,300. Consolidation is expected to continue taking place in the coming sessions.

Selected altcoins skyrocketing

Although Bitcoin was the main force behind the breakouts experienced across the crypto market on Tuesday, it has stalled while some selected altcoins continue to spike. Some of these altcoins include Augur, Elrond, Terra and Kava.

Elrond market update

In the last 24 hours, Elrond has added over 25% to its value. The cryptocurrency has been on a constant surge since the beginning of the year. It is one of the altcoins that are taking attention away from Bitcoin. The crypto’s website claims to be having the capacity for higher scalability as well as a high transaction rate per second. Before the end of July, the network will launch its mainnet; an event that is expected to keep Elrond in the spotlight.

It is clear that the mainnet launch is not the main factor behind Elrond’s 3,000% rally in about three months. Note that the token broke down to an all-time low in March at $0.00055. Although recovery across the market has been drab for most assets especially Bitcoin, Elrond’s rally has been impressive with gains hitting levels above $0.016 this July.

At the time of writing, ERD is trading at $0.016. Another breakout seems to be brewing with the RSI and MACD pointing upwards. On the downside, the first formidable support is the 50 SMA at $0.0149. Other key support areas include $0.014, the 100 SMA at $0.01250 and the primary support at $0.012.

ERD/USD 4-hour chart