Elrond Price Up By 16.60% – Time to buy EGLD Coin?
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The Elrond blockchain platform may not be one of the most talked-about interoperability protocols in the DeFi ecosystem; however, the protocol’s recent impressive run has seen investors rushing to buy EGLD.
The asset, which operates as a tech stack for the new internet, Web 3.0, enables seamless intercommunication between fintech, decentralized finance (DeFi), and internet of things (IoT) ecosystems.
The technical and fundamental data of Elrond will help us understand the coin’s performances so far.
EGLD: Trending Upward Despite Market Downtrend
The crypto market began November on a strong footing as crypto bellwether BTC hit an all-time high (ATH) of $69,044.77 two weeks earlier.
This rally in the market saw the total value locked (TVL) in the nascent industry shoot north of $3 trillion at $2.92 trillion.
However, the crypto market has hit a bearish bump in the past week, with large-cap assets like Bitcoin and Ethereum struggling against a week-long sustained downtrend.
But despite the current low in the crypto market, outliers such as Elrond blockchain, the 23rd ranked most valuable crypto protocol, still exist.
Elrond’s governance token EGLD is on a tear in the past day and is up 16.60%, trading at $449.48 at press time.
The weekly gains are also substantial as EGLD has been up 41.08% in the last seven days. The phenomenal one-day increase has pushed Elrond’s market cap on an uptrend, hitting 16.60% and is worth roughly $9 billion. The 24-hour trading volume is also high, with over $1billion in EGLD is currently being traded.
Elrond’s market dominance put it on a market share of 0.34%. The crypto asset has seen a 1,721.10% year-to-date (YTD) increase with a 12-month trailing rally of 4,853.37% so far.
Meanwhile, this current price peg is a part of the recent rallies the Elrond protocol has witnessed since the day’s start. The highly scalable blockchain network previously hit an all-time high (ATH) of $457.70 two hours earlier, showing intent to break above the $480 mark before the end of the day.
The asset’s bullish trend suggests that this might be an ideal time to buy EGLD and take in profit at the apex.
EGLD Technical And Fundamental Analysis
Elrond’s strong bullish foray today is reminiscent of the coin’s September rally, which saw EGLD hit a strong price point of $280.96. However, the high throughput blockchain protocol could not sustain this high price peg and dipped below the $200 mark a few days later.
EGLD shows strong bullish backing at the press time and is soaring above the 20-day moving average (MA) support price of $334.93.
The asset’s bullish trend is even more prominent at the 200-day MA price of $168.72, indicating that EGLD is seeing strong market confidence from investors.
The 14-day relative strength index (RSI) figure of 83.97 reveals that EGLD is trading in the overbought region. This data means more investors want to buy EGLD.
The moving average convergence and divergence (MACD) indicator similarly depict a strong buy signal as the green trendline leads its orange counterpart.
Elrond’s impressive technical performances come on the back of a string of strategic steps. The highly scalable network recently launched a $1.29 billion liquidity incentive mining program for the Maiar decentralized exchange (DEX) platform, with over $282 million being released in the first month
Also, German automaker Audi spin-off holoride recently launched on the Maiar launchpad. The project aims to transform in-vehicle experiences through virtual reality and non-fungible tokens (NFTs).
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