Deflationary cryptocurrencies have grown in popularity this year, with Evergrow crypto leading the way. Today, the Evergrow price is already up by 4 per cent, extending yesterday’s strong and aggressive push to the upside, which resulted in prices surging by 17 per cent.
However, despite what the name may suggest, the long-term trend of the Evergrow deflationary cryptocurrency has underperformed the market. Looking at its price history, we can see that it has only managed bullish months twice the whole year. This includes this month, where Evergrow is up by 13 per cent. July was also positive for Evergrow, which saw it close the markets with a gain of 17 per cent.
In the rest of the months, Evergrow has been aggressively bearish. The result is a year-to-date price drop of 78 per cent. Today’s prices also show that the drop of Evergrow has outpaced the drop of the general cryptocurrency industry, which as dropped by about 60 per cent since the beginning of the year.
Therefore, despite it being deflationary crypto which is supposed to outperform the markets, Evergrow has struggled in the markets.
Evergrow Price Prediction
In the past four days, Evergrow price has been aggressively bullish, which has seen the crypto’s price surging by 30 per cent. Looking at the chart below, I expect the price of the cryptocurrency to continue going up. There is a high likelihood that it might hit the upper trend line of the ascending channel. This will see it trading above the $0.00000018 price level.
It is important to note that for the past two months, Evergrow has been bullish. Therefore, the current bullish trend is a continuation of the bullish trend, which I expect to continue into September. My bullish analysis will only be invalidated when Evergrow price drop to trade below the $0.00000015 price level. At that point, it will be clear that prices are in a downward trend.