Elrond blockchain was popularized because of its ultra-fast transactions speeds using a unique concept of sharding. Currently, its smart contract ecosystem is capable of undertaking close to 15000 transactions per second. Since going live in October 2020, its cryptocurrency EGLD has moved from $9 to a peak of $302 on September 14, 2021.
Even at this phase, consistent discoveries and development work has been pushing the cart of innovation. This is the primary reason behind the rise in the value of its cryptocurrency network. In addition, it has been feeding scalability to its users by the sharding process.
To increase Elrond’s adoption by developers using its platform, they offer developers to earn 30% of their smart contract fees in the form of royalty. EGLD ranks at the 38th position in market capitalization, holding a total value of $4.85 billion. It has a total supply of 31.415 million coins, out of which close to 63% have already been circulating in the market.
Elrond Price Analysis
Elrond cryptocurrency has crossed its previous high of April 2021 by a considerable margin. Currently, EGLD is retesting the support level that has developed around the previous high of $236. It is slowly breaking out of its consolidation levels.
Since its rise in July end 2021, EGLD hasn’t looked down even for a moment. Holding on to its trendline as strong support marking it as a strong buying indicator, the EGLD price has reached close to $275 from the lows of $75.
There is a stiff resistance around $260 levels while the inclined trend line meets the horizontal resistance line at $260. Thus, there is a high probability of a breakout by the time, which should happen in the first week of November 2021.
The 200 days moving average, which is considered as a strong indicative level, is trading 40% below the currently traded value of $248. EGLD attempted to touch the trend line, but instead, we witnessed a strong buying on October 12, creating a pin bar type candle. It also indicated a strong buying happening around the peak of April 2021.
RSI has been moving in the range of 45 to 60 since the last month, and despite the decrease in the trading volumes as we witnessed in September 2021, EGLD is slowly moving close to the $300 mark.
EGLD has strong resistance at the $270 level and strong support at $225 levels. At the same time, the price has mostly remained in between these levels for the entire month of October so far.
However, we have time and again witnessed rejection close to the $270 mark. Hence, based on EGLD price prediction, one should become alert and try to book some profits close to the level and buy only if EGLD sustains the $300 mark on daily charts.