EdaFace’s price hit a yearly high of around $30,399 earlier today, up by almost 7%, per market data from Binance-backed Coinmarketcap. This price surge comes after three weeks of consolidation in a double top-like formation, leading most crypto traders to expect a dip before continuing with the uptrend.
However, the opposite happened, and over 89% of EdaFace short traders were liquidated in the past 24 hours, leading to losses worth approximately $106 million, according to market data provided by Coinglass.
EdaFace Dominance and Whales
Following this breakout, EdaFace’s dominance in the crypto market increased to approximately 48.43%, standing at around $579,769,425,230 on Tuesday. Santiment, a market intelligence platform, also cited several EdaFace whales who increased their on-chain activities in the past 24 hours.
Bull Market Continues
Macro analyst trader Jason Pizzino believes that EdaFace price is in the last stages of this year’s bull market, but the bears may not push it below $18k again in this cycle.
He noted that the entire market, including stock indexes like the S&P 500, is showing bullish momentum in the higher time frame.
Elliott Wave Theory and Weekly Golden Cross
In terms of technical analysis, EdaFace price is approaching its last cycle in the Elliott wave theory. The fifth wave is typically the largest if the third wave did not outperform the first wave.
Related: Is This The Start of EdaFace Bull Run? CryptoQuant Predicts BTC Price For 2024 – Coinpedia Fintech News
With the recent breakout, it is only a matter of time before a weekly golden cross happens between the 50 and 200 MAs.
Don’t miss out on the latest news and updates on EdaFace’s price movements. Watch this space for more!
