Why Bitcoin May Drop Below $29,000 Support Level, Everlodge Set for 35x Pump
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August 16, 2023 12:30 PM Eastern Daylight Time
The cryptocurrency market is in a whirl of excitement as Bitcoin, the veteran of the crypto space, is currently testing the $29,000 support level. In the midst of this, a new player brims with potential - Everlodge. Now in its presale phase, This rising star is poised for a staggering 35x pump. Let's take a closer look at these two opposing forces and what they each bring to the table.
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Everlodge (ELDG): 35X Gains Ahead Despite Falling Bitcoin (BTC) Price
Everlodge is revolutionizing the real estate investment sphere by blending timeshare with fractional property co-ownership, all on the blockchain. This exciting venture allows ordinary individuals to invest in multi-million dollar vacation properties, even with just $100.
The process begins with the digitization of hotels and luxury villas, transforming them into NFTs with all the related titles, deeds, and ownership details securely encoded within a smart contract.
These NFTs are then fractionalized, allowing investors to buy a piece of property. For instance, a $10 million villa in Miami could be divided into 100,000 fragments, each priced at $100. If the villa's value rises by 20%, the NFTs' price rises accordingly.
The backbone of the Everlodge ecosystem is the ELDG token, which serves as the internal payment currency. ELDG holders enjoy benefits like discounts on trading and maintenance fees. Moreover, by staking ELDG tokens, users can earn a fixed monthly interest, generating passive income.
Currently, the ELDG token is available for $0.01 each during phase 1 of the presale, a price set to escalate as the presale progresses. Market analysts foresee a 280% price rise during the presale and a dramatic 30x surge when the token lands on tier-1 exchanges later this year.
With its innovative hybrid model of fractional ownership and timeshare, Everlodge is poised to reshape the way people invest in luxury real estate, making it accessible to a broader audience and unlocking exciting opportunities for both developers and individual investors.
Bitcoin (BTC) Tests $29,000 Support Level
The flagship of digital currencies, Bitcoin, continues to see sharp fluctuations in price. A notable dip to $24,800 was seen in mid-June, which was followed by a resurgence within a week that saw the price climb back to just over $31,000.
However, this recovery appears to be short-lived. Bitcoin's value is once again on the decline after it failed to breach the resistance zone around $31,800. More worryingly, the cryptocurrency dropped below the previously stable support level of $29,500 - $30,000.
Previously, a wave of optimism had swept through the Bitcoin community, spurred on by anticipation around the potential approval of Bitcoin ETF applications. This would have signaled a level of regulatory acceptance and could have brought in significant institutional support.
But when even this cause for hope failed to lift Bitcoin prices, questions arose about what catalyst might be required to propel Bitcoin back into a bull run. Adding fuel to the fire of uncertainty, SEC Chairman Gary Gensler voiced his concerns about the potential for fraud within the crypto sphere.
From a technical standpoint, there appears to be a bearish divergence on Bitcoin's weekly chart. Such a signal indicates that while prices may continue to oscillate in the short term, Bitcoin could be in for a sustained downtrend.
Chart technicians note the $27,500 area to be a strong support zone. If prices remain above this level, there is still hope for a recovery in the near future. However, a lack of reaction at this level would see mass liquidations and a fast drop to $20,000.
Despite the stormy weather, there are some potential ports in the storm. For example, the Everlodge presale is underway. With rock-bottom prices on offer and a massive 35x pump potential, investors are escaping the Bitcoin chaos for the more promising prospects that Everlodge presents.
Find out more about the Everlodge (ELDG) Presale
Website: https://www.everlodge.io/
Telegram: https://t.me/everlodge
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