Elastos price defied gravity this week as investors cheered the recently announced news by the developers. The ELA token soared to a high of $6.646 during the weekend, much higher than last week’s low of $3.13. It has jumped by almost 80% from its lowest point this month giving it a market valuation of over $130 million.
Latest Elastos news
Elastos, a relatively new blockchain project, has made several announcements in the past few weeks that have helped to supercharge its token.
The most important news was the launch of Bel2’s BTC Oracle network, which presents a new paradigm shift to the Bitcoin network.
This service addresses the main challenges in the Bitcoin ecosystem like scalability and how it interacts with Ethereum Virtual Machine (EVM) compatible blockchains. It is powered by the BTC Oracle, which generates ZKPs to feed real-time Bitcoin transaction data into the EVM smart contract without compromising the security.
The other important Elastos news was its partnership with IoTeX, a leading Internet of Things (IoT) platform. This partnership will deliver ID verification and validation services across the network’s portfolio like DePINscan and w3bstream. In a statement, the co-founder of IoTeX said:
“Our partnership with Elastos represents an important milestone. Extending our offering to the Elastos Smart Chain (ESC) offers some compelling advantages, including direct integration with ‘Layer 2’ Bitcoin, meaning that agreements can be embedded and reconciled direct in the World’s most popular and trusted digital currency.”
Further, Elastos launched a major grant program known as Destiny Calls in which developers in the ecosystem will receive funding and training. The initial cohort will be backed by 100,000 ELA tokens that are now valued at over $578k.
Elastos price forecast
The daily chart shows that the ELA token bottomed at $3.1 this year. It struggled to move below that level since January. Now, the Elastos price has staged a strong recovery in a high-volume environment. Data by CoinGecko shows that the volume jumped to over $20 million on April 3rd, up from $574k on Tuesday.
Elastos price has jumped above the crucial resistance point at $4.94, its highest swing on February 17th. This price was the neckline of the triple-bottom pattern at $3.1.
It has moved sharply above the 50-day and 100-day Exponential Moving Averages (EMA), which is a positive sign. Therefore, I suspect that the ELA token price will have some volatility in the coming days as some investors start to take profits. This volatility could see it retest the support at $4.94 and then resume the upward trend.
