EWT price jumped sharply on Friday due to increased demand for the coin. The Energy Web token hit a high of $4.56, the highest level since May this year. It has risen more than 85% from this year’s low, giving it a market cap of over $170 million.
What is Energy Web Token?
The world is facing an urgent need to solve the current climate crisis. One way this is happening is through huge investments in electric vehicles and an overall switch to clean energy,
Energy Web is one such organization trying to make an impact in this area. It creates the operating system for the energy grid with the goal of powering a zero-carbon economy.
Over the years, the company has deployed its operating system to the energy grid in more than 100 energy participants. For example, in Australia, it runs the Energy Demand and Generation Exchange (EDGE). This product helps the company to deploy Distributed Energy Resources (DER).
EnergyWeb has also developed EW Zero, an open source tool for purchasing renewable energy and removing carbon. In addition, it has created an e-mobility dashboard for the Elia group that helps in exchanging data with EVs, charging stations and grid operators.
In total, Energy Web has over 50 projects in 25 countries. Some of the top companies using its solution are Protocol Labs, Google, Volkswagen, and Filecoin.
EWT is the native token for the Energy web platform. It is used by the participants in the ecosystem to provide utility. EWT’s price jumped sharply after the company was mentioned by BlackRock, the world’s largest asset manager with assets of over $10 trillion. The company said:
“BlackRock is encouraged that organizations such as RMI and Energy Web are developing programs to bring greater transparency to sustainable energy use in bitcoin mining, and will follow progress around those initiatives.”
EWT Price Prediction
The four-hour chart shows that EWT price found strong support this year at $2.13. It struggled to break below the level several times this week. The coin managed to move above the 25-day and 50-day moving averages, while the MACD moved slightly above the neutral point.
Therefore, the Energy Web token could resume the downside once the BlackRock hype fades. If this happens, the next major support to watch would be $2.70, which was the highest point on July 21.