The cryptocurrency Ellipsis (EPX) has seen a major price spike over the last day, with the token surging over 50% in just a few hours. EPX operates on the Binance Smart Chain and currently has a market capitalization of around $50 million.
According to CoinMarketCap, the Ellipsis price sits around $0.000366 as of writing. This represents a huge 62% gain over the last 24 hours.
What you'll learn 👉
Technical Analysis
Per an analysis of EPX’s daily price chart on TradingView, the EPX token has been in an uptrend lately. The relative strength index (RSI) indicator shows overbought conditions at 77.8, suggesting the possibility of near-term pullbacks after this rapid advance.
The 50-day exponential moving average (EMA) shows overall growth in the token price before a potential correction. Meanwhile, the 100 EMA and 200 EMA indicate consistent trading above those levels. These technical indicators point to a short-term pullback due to overbought conditions, but the longer-term trend remains bullish for EPX.
The moving average convergence divergence (MACD) indicator also shows increasing buying pressure, which could propel prices higher despite the chance of a correction.
Crypto Experts Weigh In
GlobeOfCrypto points to Ellipsis breaking out of a symmetrical triangle pattern on the weekly timeframe. With EPX decisively breaking triangle resistance, GlobeOfCrypto expects a sustained move toward $0.0006 or higher.
The analyst notes that Ellipsis has successfully retested its breakout level as new support. This gives confidence that the triangle breakout signals real buying momentum behind EPX.
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Show more +Meanwhile, Cryptomonk includes $EPX among his current picks for the next group of “DeFi top gainer coins” as alt-season hype builds. He tips Ellipsis to experience a similar hyper-parabolic upside as tokens like Spell.
While short-term risks exist, the Ellipsis price uptrend looks well-supported by positive fundamentals and market technicals. EPX appears poised for further substantial gains as the crypto markets heat up.
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