Elrond Price Up By 6.94% – Time to buy EGLD Coin?
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- The crypto market is down by 1.89%, trading with a market cap value of $1.71 trillion.
- Elrond receives clearance to issue electronic money from Romanian Bank.
- The Elrond Network positions to lead Metaverse infrastructure plans.
The cryptocurrency market seems to be stuck in a time loop as it swings between the market cap value of $1.75 trillion to $1.71 trillion. The consistent decline in price presents investors with a prime opportunity for investors to buy EGLD and invest in the next cryptos to explode.
Elrond prices have reached a new high. The asset continues to make moves as it climbs forward in the charts to provide an opportunity for day traders and long term investors alike to get in on the market.
Elrond is a fast, secure and scalable blockchain designed for distributed apps, enterprise use cases, and a new internet economy.
The EGLD asset has made impressive gains in the last seven days, increasing up to 13.22% in returns for investors. Although the asset has been declining in the last month, fundamental sources indicate that the asset is on a retest to attain new highs, rewarding investors who buy EGLD now.
EGLD: Imminent Bullish Trend
The Elrond network is a globally relevant network specifically designed to solve the problem of scalability as it offers extremely fast transactions speed employing sharding.
The Smart Chain asset currently trades at $149.10, which represents a 6.94% increase in the last 24 hours.
Elrond ranks as the 37th most valuable crypto asset and seems to hold one of the best spots of the top-performing blockchains available. EGLD dominates 0.19% with a total market cap value of $3.22 billion.
The asset has recorded a 111.11% increase in its 24-hour trading volume value of $262 million.
The EGLD price movements are a healthy sign of growth as it retests new resistance and supports prices to establish new highs.
Elrond to Build Metaverse Infrastructure
The Elrond network is positioning itself as a leader in Metaverse infrastructure. It is utilising Mertastaking to provide financial features to the Metaverse.
The Metastaking testnet is undergoing rigorous public testing to help developers find and fix the remaining issues. Deployment of the mainnet is expected to happen in earnest.
The Elrond network is gearing to create a v2 upgrade that supports an Ethereum bridge. This bridge would allow users to utilise Ethereum features and tools to create scalable solutions.
Elrond to Provide e-money Services in Romania
The Romanian Central bank has granted the Elrond network permission to acquire a regulated e-money platform, Twispay.
Elrond has secured an e-money license allowing the blockchain to issue regulated stablecoins such as Tether in the European Economic Area as part of the deal.
EGLD Technical and Fundamental Analysis
EGLD’s technical indicators show that the crypto asset is making efforts to push past current resistance as it bounces off previous support prices.
EGLD crossed above the 61.8% Fibonacci retracement value in a bid to establish a new resistance. The digital asset currently trades above the 23.6% Fibonacci retracement value of $146. This indicates a strong bullish trend.
The Relative Strength Index (RSI) value of 51.79 shows that EGLD trades in the underbought region. The asset’s Moving Average Exponential (EMA) value of $141.6 shows that the crypto is still making an effort to move past current resistance.
The asset is trading below the 100-hourly Simple Moving Average (SMA) value of $189.9, indicating that EGLD is still on its way up.
The Elrond network has made some impressive partnerships and improvements that increase its chances of building better adoption and application in the crypto space.
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