With Bitcoin (BTC) are largely in the spotlight after hitting a new record of nearly $ 24,000, other projects are also starting to ride on BTC’s coattails. One of the newest highlights is Elrond (EGLD), which is up 20% in the last 24 hours and approaching its all-time high.

The current highs above USD 27 are up more than 200% in December and more than 1,500% year-to-date, marking an extremely optimistic year for this project.

Elrond will be the ninth crypto project to be listed on eToroX

Elrond’s recent run isn’t based solely on technical data, as the self-proclaimed internet-scale blockchain was listed on eToroX as the ninth cryptocurrency. Only large-cap coins are listed on this exchange, but Elrond has become the first exception.

Elrond originally started as a first exchange offer from the Binance Launchpad, which took place in July 2019. Since then, the project has undergone a number of important changes. One such change was the Mainnet Swap, as the ERD token became EGLD in the summer of 2020. This swap took place during the launch of the mainnet.

In addition, a new Defi app is expected to be launched next year that uses the Elrond blockchain. This app is called Maiar, a non-custodial digital wallet and global payment app for exchanging and storing money.

EGLD is approaching new all-time high resistance

EGLD / USD 1-day chart. Source: TradingView

Elrond’s daily chart against the USD has seen a significant rise since its recent low, from $ 6 to $ 27. The price is currently hovering around its all-time high and is likely to break through.

However, traders should be aware that vertical price action is most likely underway for some support tests before another momentum wave can kick in.

Those support zones are clearly defined on the chart and should be watched by traders for potential entry opportunities.

On this map, the support zones can be found at $ 12.50-13.50, $ 16-17, and $ 19.50-20.50. The primary question is still how deep a correction goes and at what level the correction starts.

Once Elrond breaks the all-time high, there is likely more benefit to this project. Meanwhile, the Fibonacci extension tool can help define possible top levels for the following impulse waves.

Using the Fibonacci extension tool, zones can be found at $ 40-42 and $ 60-65, which would put this token high on the top performers list of 2020.

BTC pair is slowly waking up next to USD

EGLD / BTC 1-day chart. Source: TradingView

The BTC pair Elrond has shown clear bottom construction in recent months. The price of Elrond fell slowly, creating a huge bullish divergence, which marked the bottom.

Since then, a slightly higher low has been reached, causing the outbreak to start upwards. This breakout led the run to 0.001300 sats, which is currently the temporary high. However, this breakout triggered a new, higher high, and after each higher high, the market will start looking for a new, higher low.

This higher low will confirm the ongoing uptrend, and traders should pay attention to support zones around 0.000750 sats or 0.000850 sats.

If that hold and Elrond can break the 0.001300 sats barrier, another leg up to 0.002500 sats becomes very likely.

In general, a digital token like Elrond shows the opportunities that bull markets can offer. At the moment, the focus is mainly on Bitcoin. However, once the Bitcoin price starts to stabilize, altcoins usually start to catch up – and often outperform BTC in the short term. In this light, Elrond appears poised to become one of the top performing cryptocurrencies to close out 2020.

The views and opinions expressed here are solely those of the writer and do not necessarily reflect the view of Cointelegraph. Every investment and trade move carries risks. You should do your own research when making a decision.

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