Elrond’s coin (EGLD) took a flight of over 60% in just three days following the deployment of the liquidity incentive program through its blockchain network.
The maneuver happened as part of the preparations of the forthcoming of the platform’s native decentralized exchange (DEX) Maiar, as the liquidity incentive program seeks to supercharge the launch.
Billionaire Incentive Program
The announcement was not a minor one because the plans are ambitious – Elrond network aims to provide a total incentive of up to $1.29 billion.
So far, the price action managed to hit a high at $544.25 after the skyrocketing’s move, but the price then lost steam as expected and as part of a healthy corrective move in the midst of the impulsive wave left by EGLD.
Currently, the altcoin is exchanging hands around the $503 neighborhood, far from both the 50 and the 200-period simple moving averages at the H4 chart. Still, the bullish steam remains on a solid foot, printing new signs that it can get bolstered in the coming days.
Targeting $600 After Breaking Above $545
In fact, EGLD is poised to resume the bull-run once it tests the 61.8% Fibonacci retracement level at $383.44, which also converges with the 50 SMA. However, if it gives up in favor of the sellers, the bearish bias could gather momentum and then push the altcoin lower towards the $320 level (200 SMA).
The corrective move could extend further due to the overbought conditions shown by the RSI indicator at the H4 chart despite the slope is trending higher. The nearest support zone lies at $483.28, followed by the $445.12 level.
On a bullish scenario, if EGLD breaks above the highs of November 23 at $544.25 to target the next psychological level of $600 in the midst of a discovery mode that the altcoin could enter. After clearing that area, eyes will be on the $620 zone as the next tough nut to crack.