Elrond (EGLD) Buyers Pushes the Price Towards the Resistance!
Elrond is a security-focused public blockchain that runs on Secure Proof of Stake consensus to create a decentralized network for traditional financial services. EGLD is a native coin of this network that helps to run the ecosystem with a streamlined and improved experience. With its Adaptive State Sharding, EGLD offers better scalability without compromising privacy and security.
Elrond is backed by experienced entrepreneurs, blockchain experts, and developers from large organizations like Microsoft and Google. They try to create a highly scalable blockchain ecosystem with nearly zero latency transactions.
It is true that users with malicious intent attack the blockchain ecosystem, and Elrond is prepared to defend blockchains against the most advanced attacks, which enable fully secure transactions improving the protection against known errors.
There are many blockchain-based projects, and many of them share the same features. Some of the other popular cryptocurrencies are Algorand, Zilliqa, Omniledger, etc. However, Elrond offers more sophisticated architecture than its competitors.
It is a wise decision to add security-focused cryptocurrency to your portfolio because as the blockchain becomes popular, security is the only threat that can question the sustainability of these cryptocurrencies. In that case, Elrond will play a vital role, and the price of the native coin (EGLD) will increase in the future.
The Elrond token has formed a head and shoulder pattern in the short term. It means the price was in the uptrend in June-August, but again it was down in the last two months. Now it seems like EGLD has changed the momentum for the short term.
At the time of writing this post, EGLD was trading around $56.39, which is in the upper Bollinger Bands. The next resistance will be around $60, so it is a good time to invest for the short term. After that, it may consolidate again within the range of $60 and $45. Check out our Elrond prediction to know the future projections of the coin for the next few years!
On the weekly chart, Elrond has taken support for around $45. In the last week, it has formed a bullish engulfing candle, and now it is forming an indecisive Doji candle around the baseline of the BB when RSI is around 39. So, we do not think it is the right time to invest for the long term because the price may come down to $45.
However, you can add it to your watch list and start investing around the support level. On the upside, EGLD will form higher highs if it crosses the resistance of $70 decisively. So you have to wait until it forms higher highs and reflects long-term bullishness on the weekly chart.
