The EWT price jumped sharply on Friday as demand for the coin rose. The Energy Web Token rose to a high of $4.56, which was the highest level since May this year. It has risen by more than 85% from the lowest level this year, giving it a market cap of over $170 million.
What is Energy Web Token?
The world is facing an urgent need to solve the ongoing climate crisis. One way this is happening is through vast investments in electric vehicles and the overall switch to clean energy,
Energy Web is an organization that is seeking to have an impact in the sector. It builds operating systems for energy grids with the goal of powering the zero-carbon economy.
In the past few years, the company has deployed its operating systems for energy grids in more than 100 energy participants. For example, in Australia, it runs Energy Demand and Generation Exchange (EDGE). The product helps the company deploy Distributed Energy Resource (DERs).
Energy Web has also developed EW Zero, an ope source tool for purchasing renewables and carbon removal. Further, it has built an e-mobility dashboard for Elia Group that helps to exchange data from EVs, charging stations, and grid operators.
In total, Energy Web has over 50 projects in 25 countries. Some of the top companies that use its solution are Protocol Labs, Google, Volkswagen, and Filecoin.
EWT is the native token for Energy Web platform. It is used by participants in the ecosystem to provide utility. The EWT price jumped sharply after the company was mentioned by Blackrock, the biggest asset manager in the world with over $10 trillion in assets. The company said:
“BlackRock is encouraged that organizations such as RMI and Energy Web are developing programs to bring greater transparency to sustainable energy usage in bitcoin mining, and will follow progress around those initiatives.”
EWT price prediction
The four-hour chart shows that the EWT price found a strong support at $2.13 this year. It struggled to move below the level several times this week. The coin has managed to move above the 25-day and 50-day moving averages while the MACD has moved slightly above the neutral point.
Therefore, the Energy Web Token will likely resume the downward trend as the Blackrock hype fades. If this happens, the next key support to watch will be at $2.70, which was the highest point on July 21st.