- Elrond Network integrates a forecast market through Polkamarkets.
- Users can monetize their predictions on events like smart contract outcomes or asset prices.
- EGLD price braces for an 85% rise as it nears the end of a bullish pennant pattern.
The latest development from Elrond Network is significant, especially given the hype surrounding prediction markets. The EGLD price reflects the upward movement of the recent integration and is preparing for a massive upward trend as the end of consolidation approaches.
Prediction markets hit the internet-scale blockchain, Elrond
Elrond, the internet-scale blockchain, announced integration with Polkamarkets. This latest development among a host of other important updates to the EGLD blockchain is crucial as it brings the prediction market to its platform.
Users can now monetize predictions through the Elrond blockchain for various events such as: B. the amount of eGold used on a given date, smart contract results, prices, etc.
Beniamin Mincu, Elrond’s CEO stated:
Blockchain technology is the missing piece that enables us to productively use the collective wisdom of the internet. By working with Polkamarkets, use case owners deployed on the Elrond network can incorporate intelligent triggers into their decision making.
With the help of blockchain technology, predictions can be completely decentralized and reliable. It is estimated that the size of the prediction markets related to the US presidential election averages around 50% of the campaign budget. This metric paints a picture of the forecast market landscape.
While this collaboration is just the beginning, Elrond is aiming for deeper integration that may see part of the circulating $ POLK offering being issued as Elrond ESDT tokens.
The EGLD Prize aims for another bull run
The Elrond price trades in a symmetrical triangle-like pattern known as a pennant. The 540% price hike that precedes this consolidation is known as the flagpole. Together, the technical formation is a continuation pattern known as a bullish pennant.
This setup predicts an 85% rebound, which is determined by measuring the height of the flagpole and adding it to the breakout point at $ 147.98. When that goal is met, the EGLD will be $ 272.86.
EGLD is squeezed as it nears the end of the pennant. If buyers close a crucial candlestick above $ 147.98, it will mark the start of a bull run. For the bull rally to continue, this breakout needs to be significant in volume.
EGLD / USDT 1-day chart
While the bullish scenario looks likely, a break in the lower trendline of the pennant at $ 129.85 will signal the presence of the bears. However, a breakdown of the critical support at $ 114.42 will not only invalidate the bullish scenario, it will also cause sellers to go for a stroll.
That move could result in an 18% drop to $ 93.82.
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