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After a major CEX listing, Elastos crypto is rallying, with ELA price up nearly +70% from Q1 2024, in this article, we explore ELA price analysis and discover why bulls are targeting $100 in the sessions ahead.
While Bitcoin battles for momentum, Elastos (ELA) is emerging as a top performer, surging nearly +30% in the past 24 hours in what has emerged as a major relief for ELA holders.
The move comes after ELA crypto was listed on the growing centralized exchange Gate.io – connecting thousands of new retail investors with the asset.
ELA Price Analysis: How Is Elastos Crypto Shaping Up After Gate.Io Listing?
After weeks of consolidation following gains in mid-December 2023 and mid-February 2024, prices ripped higher on April 2, breaking above the bull flag.
ELA is up +62% from Q1 2024 lows and looks likely to extend gains in the near term, given the current ELAUSDT candlestick arrangement in the daily chart.
(ELAUSDT)
Holder optimism is rooted in the fact that the leg up on April 2 has successfully delivered rising trading volume, up +500% to over $21 million in the past 24 hours alone. This price explosion follows periods of consolidation in December 2023 and February 2024, suggesting a potential breakout rally.
Expert Analyst Predictions: Can ELA Price Mount 20x Surge to $100?
With ELA ripping higher and exceeding expectations, some analysts are projecting exponential gains for ELA, in their view, ELA might spike to $100 – a potential 20x increase from current levels.
The nearly +70% surge in three months alone can be a fitting foundation, especially when factoring in the upcoming Bitcoin halving event (April 20) and the fact that Elastos is working so that all blockchains are connected with the world’s first blockchain, the odds of ELA soaring to $100 cannot be discounted. But what’s driving this bullish sentiment?
Elastos Releases Game-Changing Innovation: BTC Oracle
Elastos is one of the OGs of blockchain and crypto, the platform was launched in 2018 with a vision revolving around seamless integration between Bitcoin and Ethereum-compatible networks.
Imagine this: DeFi, NFT minting, gaming, and all other protocols running on Ethereum being migrated to Bitcoin. That’s the goal of Elastos.
To actualize this vision, Elastos released Bitcoin Layer 2 (BeL2), a core component of their BTC Oracle, on April 2.
The Oracle does a simple yet critical job: It allows Ethereum smart contracts to access and utilize Bitcoin data.
On the other hand, BeL2 acts as a secure channel for transmitting real-time Bitcoin data to EVM contracts across various blockchains.
BeL2 uses zero-knowledge proofs (ZK-proofs) to manage Bitcoin smart contracts – a ground-breaking achievement – but moreover, because of ZK-proofs, there is an element of privacy, which gives Elastos an edge in DeFi markets.
To sum up, Elastos is actively positioning itself at the forefront of cross-chain integration. However, unlike competitors like Cosmos, it is anchoring on the success and security of Bitcoin for tailwinds.
EXPLORE: USDT Stablecoin Issuer Tether is Now the 7th Largest BTC Holder in the World
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
