Elrond (EGLD) Might Surge About 20% In Coming Few Weeks: Here’s Why

• Elrond is among the digital assets in the green after another tempting week for digital coins.
• Elrond changed hands at $52.44 during this publication.
• Analysts believe EGLD will hit $60 in the upcoming weeks.
• Elrond hovers 90% below its all-time high.

While publishing this post, CoinGecko data showed EGLD trading near the $52.44 value area. The alternative token has gained around 12.3% within the past seven days. Also, Elrond recorded bullish moves within the last 24 hours, gaining 7.4%.

Also, the alt exhibited an impressive trading volume, with the same hitting levels above $71.6 million as the total market cap noted a minor uptick to $1.2 billion, putting EGLD in the top 50 assets by value, ranking 46th overall.

The altcoin exhibits bullishness as far as immediate forecasts are concerned, with some metrics suggesting substantial price surges in the coming weeks.

EGLD Price Action Pattern

A parallel channel formation within the cryptocurrency market welcomes several opportunities to investors as it depicts upsides towards two trend-line barriers. It is somewhat essential for a counter-trend action.

While the cryptocurrency market suffered another volatility-driven slump, EGLD’s price seemed to follow the mentioned channel setup. Such a trend meant another massive rice correction for Elrond, duplicating its June lows of near $38. However, that wasn’t the case, with EGLD exchanging hands at $50 – $45 before soaring to current levels.

EGLD in the Coming Weeks – Price Forecast

Considering the parallel channel’s trend line barriers, Elrond remained ready for a bullish move. Overcoming the hurdles at $54.5 might see buyers pushing for an approximately 20% surge towards $60.

Nevertheless, that remains substantially lower than what Elrond accomplished in 2021 during its journey to its ATH. The blockchain coin explored the all-time peak of $545.64 on 23 November last year. The current $52.44 price reflects a 90.4% drop from the ATH.

Meantime, analysts expect the token’s price to explode in 2023. They forecast a $95.81 January target before the altcoin recovers a part of its ATH with $123.03 December highs.

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