Elrond (EGLD) Is on Its Way to Reclaim $300 Mark

When choosing a cryptocurrency network that works around Smart contracts and decentralized finance, EGLD is among the leading crypto networks that come to our mind. The native token of EGLD on the Elrond network is meant for rewarding its validators. Validators are rewarded with a 36% of annual rate over their stakes EGLD tokens. 

Elrond aspired to become the blockchain network for the current internet economy accommodating enterprise use of decentralized applications. It also offers a lucrative plan of 30% royalties to the developers of decentralized applications to increase the adoption of their network by the masses. 

Elrond currently holds the 33rd position in market capitalization with a total circulating asset of $4.2 billion and a liquid supply of 62%.

EGLD Price Analysis 

EGLD managed to overcome the selling pressure of September 07 with a massive rebound towards a fresh all-time high. The movement captured a 120% gain from $135.45 to $302.775 within a week, which was quite impressive. However, the gains could not be sustained as EGLD witnessed another profit booking taking the value down to $200 levels.

EGLD Price AnalysisAfter getting hammered by selling pressure erasing off the gains made in the months of September 2nd week, EGLD has finally found a level inciting buying sentiment. At present, the range between $175 to $195 is considered a strong buying level, which can soon result in another retracement with an attempt to sustain the $300 level on larger time frames such as a month. 

At present, the immediate support can be counted using its 30 Days moving average curve, which comes out at $194, while 200 DMA is also very strong support at $138. RSI levels at present have retraced some of its lost value from 45 to 53, with better buying sentiment being elevated by the very high buying volumes witnessed on 21st September 2021. Swing resistance on EGLD exists at the level of $253. 

Another important aspect of the price action is the uptrend movement of the cryptocurrency prices, which have moved towards new highs after each small profit booking. Each profit booking has taken support from the trend line, marking a total of four such incidences on the current momentum in prices. Furthermore, the positivity seen after each fallback adds to the confidence of the price action witnessed on EGLD. Targets of $500 seem possible within this year if the sentiment holds its ground.

EGLD Price Analysis ChartEGLD has witnessed an apparent free fall from $300 to $180 in six days, a considerable fall of 43%, but the pullback or buying initiated by investors at the support levels has worked in favor of an uptrend rally bringing the value back above $200. At present, Elrond would create a strong pattern breakout on hourly charts only if it manages to trade above the previous swing high and sustain the gains for a few hours. Read more about the future prospects of the coin and know the future price predictions before investing.

With the strong buying ranging close to double digits, EGLD would soon be closer to the $300 mark. The MACD indicator shows the emergence of a strong buying swing and has moved towards the positive axis for the first time since September 14, which is an indication of changing momentum at this crypto counter.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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