2024-2-16 15:33 |
The native token of decentralized exchange protocol Ellipsis (EPX) has recently staged a strong price breakout amid growing hype among crypto analysts.
Breakout Signals End of Accumulation
According to analyst Muhammad Ajmal, the extended period of EPX price consolidation and stability was a sign of accumulation that typically precedes a new uptrend. With accumulation nearing its end, Ajmal predicted EPX was gearing up to “blast soon.”
Technical analyst CryptoAlchemyKing echoed this bullish outlook, tweeting that EPX was approaching a key breakout point. Now, it appears these predictions have come to fruition, with EPX surging from around $0.00013 to over $0.00026 in short order post-breakout.
700% Potential Surge Ahead
With EPX having decisively moved through resistance around $0.00026, CryptoAlchemyKing’s analysis suggests the token could run as high as $0.0022 in the current rally. This would represent an approximate 700% gain from breakout levels.
Driving Demand Through DeFi Applications
Beyond positive technical and accumulation signals, the real-world utility and applications of EPX may be fueling investor interest. As the native token of the Ellipsis protocol, EPX facilitates liquidity rewards, governance rights, and fee earnings for users of Ellipsis decentralized finance services. For example, EPX allows suppliers to boost yields on assets lent in Ellipsis money markets.
With momentum accelerating post-breakout, EPX appears set to continue outpacing broader market gains in the days and weeks ahead. Crypto analysts will be monitoring to see if the token makes a run at its all-time high around $0.0027 originally set in April 2021.
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The post Why Is Ellipsis (EPX) Price Pumping? appeared first on CaptainAltcoin.
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