EGLD price bullish breakout at risk as Elrond announces new NFT and P2E platform

• EGLD price faces rising resistance at $60.00 amid the formation of a rising wedge pattern.
• Elron has released Cantina Royale, an NFTs and P2E platform, on its mainnet.
• A daily close above $60.00 will ensure that the positive outlook on Elrond price extends the leg to $68.00.

The EGLD price is at a crucial juncture that could determine the direction it will take in upcoming sessions or a few days. A sharp bullish move from support at $45.50 paved the way for an extended leg at $60.00. However, a daily close above this level is crucial for the next recovery phase at $68.00.

Introducing Cantina Royale – an NFTs and P2E platform on Elrond

Elrond announced the release of its new gaming and NFT (non-fungible tokens) platform referred to as Cantina Royale on Monday. According to a post published on Twitter, Cantina Royale promises an “incredible blockchain-based gaming experience for everyone.”

Although Cantina Royale is in the beta stage of development, Elrond is already running an invite-only program to provide early access to the game. NFT holders and Open Beta players are automatically invited to participate.

Elrond will follow this development by releasing game versions for PC, Android and iOS users. Traders will have an opportunity to earn rewards in addition to accessing an NFT lending pool. Features such as an in-game trading system and character progression are already in place.

The release of the Cantina Royale gaming and NFTs platform could have a positive impact on the Elrond price, especially as players use EGLD tokens to make in-game purchases. The protocol’s use cases also get a boost, opening up Elrond to a larger audience. EGLD has a lot to gain with this entry into the NFTs and P2E (play-to-earn) arenas.

What’s next for EGLD price?

EGLD price is facing acute selling pressure at $60.00 and a potential bearish outlook presented after forming a short-term rising wedge pattern. The RSI (Relative Strength Index) reveals that buyers are holding firm as they seek reprieve above $60.00.

A rising wedge is a strong bearish pattern that indicates that a prevailing uptrend may soon turn bearish. As for the Elrond price, selling pressure at $60.00 could amplify the risk of a price decline.

EGLD/USD daily chart

Short-term selling opportunities may emerge when EGLD breaks below the lower trend line of the wedge. A 9.71% earnings target extrapolated from the breakout point could see Elrond price support again at $52.00 before regaining ground at $60.00.

For traders who remain stubbornly bullish, short-term long positions above $60.00 are recommended, with the first take-profit at $63.00. If the trend turns out to be extremely bullish, the second take-profit target is the massive seller at $68.00.