Elrond Price Forecast: EGLD introduces ORAO Network to ecosystem


  • Elrond price is contained inside an ascending wedge pattern on the 4-hour chart.
  • The digital asset defended a crucial support trend line and aims for a significant rebound.
  • Elrond will use the ORAO Network to feed smart contracts onto its platform.

Elrond has been trading inside an uptrend since March 25 and is close to new all-time highs again. The digital asset is trading at $188 at the time of writing and faces practically no barriers ahead of $200. On April 8, Elrond announced the utilization of the ORAO Network and the first EU institution to accept eGold payments.

Elrond improves applications and smart contracts on the mainnet through ORAO Network

On April 8, 2021, Elrond announced a partnership with Orao Network, a data-agnostic oracle to feed smart contracts onto the Elrond mainnet. The idea behind blockchain oracles is to provide reliable information from outside.

Although there are dozens of oracles in the crypto industry, Elrond has chosen ORAO thanks to its scalability and speed. Beniamin Mincu, CEO of Elrond, stated that ORAO’s collaboration will be significant for EGLD and its developers adding:

Those blockchain applications that will explode in virality will likely transcend the pure DeFi implementations, which represent the bulk of the current dApps ecosystem. The ability to integrate information beyond the usual price data in a reliable and adaptable manner will make a huge difference for Elrond developers.

ORAO Network will improve the Elrond platform, allowing it to offer more reliable data available to apps and smart contracts on the mainnet. 

Elrond also announced that the University of Lucian Blaga (ULBS) will be the first EU institution to accept eGold payments to reduce costs and at the same time improve the use cases of EGLD.  

Beyond the obvious enhancements for payments efficiency, this collaboration is important because it exposes students to technology they can use to have a positive impact on society and future generations.

Elrond price momentum shifts in favor of the bulls

Elrond formed an ascending wedge pattern on the 4-hour chart. This pattern can be drawn by connecting the higher highs and higher lows with two different trend lines that will eventually converge. In the past 24 hours, EGLD bulls defended the lower support trend line and have already pushed the digital asset up by 5%. 

egld price

EGLD/USD 4-hour chart

The Moving Average Convergence Divergence (MACD) indicator turned bullish in the past 4 hours, which has typically led EGLD to significant rebounds. The next price target is the upper boundary of the pattern at $206. A breakout above this key resistance level should drive the Elrond price by 11% toward $231. This price target is calculated by measuring the distance between the beginning of the upper trend line and the lower trendline. 

egld price

EGLD/USD daily chart

However, the TD Sequential indicator has presented a sell signal on the daily chart in the form of a green '9' candlestick. Additionally, the RSI is close to overextension again, adding selling pressure to EGLD. Validation of this signal can drive the Elrond price down to $178, the 78.6% Fibonacci retracement level. The next support level is $155 at the 50% level and $143, which is the current 50 SMA. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Prediction: BTC set to retest $56,000

Bitcoin price is heading lower following a break below a critical support trend line. The leading cryptocurrency is now exposed to a downside target of $56,568. The BTC IOMAP model suggests that the bellwether cryptocurrency is unlikely to drop below $56,000.

More Bitcoin news

Chainlink price faces minor sell-off before resuming uptrend

Chainlink price is witnessing its uptrend retreat following a technical signal that indicates the token has reached its local top. LINK is headed lower to retest critical support levels as the bears target $28.61 next. The token may fall toward the lower boundary of ...

More ChainLink news

SafeMoon price prepares to escape from prevailing downtrend with 60% ascent

SafeMoon has been locked in a downtrend since May 23, with little ambition to reverse the period of sluggish performance. While it's trapped in the prevailing consolidation chart pattern, an escape above $0.00000288 could spell trouble for the bears.

More SafeMoon news

XRP price on the cusp of massive decline if this critical support level fails to hold

XRP price is trapped within a recent downtrend as the momentum has flipped to the downside. Ripple lagged behind while other cryptocurrencies, including Bitcoin and Ethereum, recently witnessed rallies reaching new all-time highs. 

More Ripple news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP