Deflationary Evergrow crypto (coin) gained 8% in the previous 24 hours and formed a Symmetrical Triangle on the daily chart.
EGC had a rough month but announced a 20 billion token prize pool for the winners of their Christmas-frenzy competition.
YEREVAN (CoinChapter.com) — The Evergrow Coin (EGC), traded at $0.0000007822 ahead of the London session Wednesday. After an 8% uptrend in a day, the EGC token price confirmed a Symmetrical Triangle pattern on the charts.
Evergrow Coin (Crypto) Price Chart in a Symmetrical Triangle
The latter consists of two converging trendlines, sloping towards the center point. While the descending line capped the bullish attempts, the ascending line provided support. Symmetrical Triangles do not predict a future bias for an asset.
However, they are instrumental in determining the short-term price swings and forecast a substantial move in either direction once a token exhausts the setup.
The extent of the breakout or the breakdown would be determined by the maximal price swing within the formation, i.e., the initial distance between the trendlines. Thus, the setup could see Evergrow Coin (EGC) price at either $0.0000011 or $0.00000045.
Despite the 8% uptrend, Evergrow Coin bled 62% in the previous month, in confluence with the rest of the market. The coin’s short-term prospects are not exceptionally bright, as it could still consolidate within the Triangle in the upcoming sessions.
Moreover, upon a closer look at the previous 24 hours, the Evergrow token’s price has dropped rapidly and recovered within minutes. If the CoinMarketCap chart is to be trusted, the drop was over 80%.
Aside from the sudden drop, the price action flatlined throughout the day. In addition, CoinMarketCap’s EGC pricing experienced another glitch, suggesting that the plunge could also be a mistake. At some point throughout Wednesday’s Asian-Pacific session, the website glitch had Evergrow coin’s price at $1.35, or up 202 million percent.
While the tweet above is obviously a joke, the contest in question is real, as the Evergrow coin team announced on Dec 14.
Evergrow Token (EGC) Contest
The contest’s prize pool is 20 billion EGC coins that will go to a handful of “lucky winners.” In an effort to generate buzz on social media, the Evergrow team urged its followers to come up with content that could “go viral.”
The tweet detailed that anything is a fair game, from a crazy stunt to a video, provided that users include the right hashtag. The prizes would range from 2 billion EGC for the 4th place contestant, to 10 billion for the champion. At the current EGC value, the rewards are equivalent to $1,564 and $7,822, respectively.
Also read: New heights ahead for EGC Coin, after EverGrow's tax-free foray into CEXs, says chairman.
The team added that teams could also enter the competition, then divide the prize among the members in case of victory. Evergrow coin will announce the winners on Dec 28 and accept entries “right up to the last minute.”