- Energy Web Token (EWT) price has been in a strong bullish trend lately.
- The rally has coincided with the overall cryptocurrencies rebound.
- It has also risen as the crypto fear and greed index has moved to 70.
Energy Web Token (EWT) price pulled back on Tuesday as the recent crypto momentum faded. After rising to a high of $2.73 on Monday, the token retreated to a low of $2.57. Still, it has jumped by over 65% from the lowest point this year, giving it a market cap of over $77 million.
Energy Web is a company that uses the blockchain technology to provide solutions related to clean energy. The firm provides three key solutions. First, it provides green proofs, which help to provide transparent information about what companies say and do.
It registers and tracks low-carbon products across the supply chain. This solution is tailored towards industries, producers, clean energy buyers, and other players like traders and EV OEMs.
Energy Web also provides asset management solutions, which helps companies to strengthen security and improve visibility for distributed resources. Further, it runs a data exchange that helps electricity market participants to share information to create value.
Energy Web has partnered with some of the biggest companies in the world like Shell, Vodafone, Engie, E.On, Foton, and Filecoin. It helps these companies verify their ESG statements.
EWT, Energy Web’s token, has done well in the past few months. This recovery is mostly because of the general rally of cryptocurrencies. Bitcoin has jumped to $37,000 while Solana, Bonk, and Render Token have surged by over 100% in the past few months.
In most cases, cryptocurrencies tend to have a close correlation with each other. This happens mostly when the crypto fear and greed index is rising. The index has jumped in the past few months and is in the greed zone of 75.
Energy Web Token (EWT) price forecast
The 4H chart shows that the EWT token price has been in a strong bullish trend in the past few weeks. As it rose, the token retested the important resistance point at $2.73, the highest swing on November 7th. This is a sign that it has formed a double-top pattern whose neckline is at $2.15, the lowest point on November 15th.
In most periods, a double-top pattern is usually a bearish sign. Therefore, Energy Web Token price needs to move above the double-top level to invalidate its bearish view. Therefore, more gains will be confirmed if the EWT token price moves above the double-top level at $2.7.
