- EGLD price is currently seeing a recovery from the downfall on the daily chart. Meanwhile the price is seeing a gain of 3.27% in the intraday session
- Technical Indicators hints a breakout to the positive levels for EGLD price. Meanwhile,EGLD/BTC pair is seeing a consolidated momentum
Why To Invest In EGLD Token?
Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds with the use of sharding. They describe themself as a technology ecosystem for the new internet. It includes fintech, decentralized finance and the Internet of Things. Its smart contracts execution platform is seeing 15,000 transactions per second, six-second latency and a $0.001 transaction cost.Elrond was co-founded in late 2017 by brothers Beniamin and Lucian Mincu alongside Lucian Todea. They wanted it to solve the problem of blockchain scalability, which they thought to be the most pressing problem facing the industry. EGLD token price has seen significant gains in the past and can continue it in the future.
Technical Indicators Hints A Recovery For EGLD Token Price
Source: Trading view
The weekly technical chart of EGLD shows a sign of recovery from the downfall. Meanwhile a bullish trend has also begun on the daily chart. The resistance for the coin on the upside can seen at $160. A support for the price on the downside can be observed at $50. The price is trailing below 50 and 100 Daily Moving Average. The 100MA (Yellow) line is at $162 making it a temporary hostile region for the price . The coin is currently seeing a recovery from the downtrend on the daily chart. If the price sees a jump above $130, then a bullish momentum upto $200 can be expected. EGLD/BTC pair is currently in a slump but can soon see a recovery on the upside.
RSI(Bullish): It is at 38.83 , hint its presence in the neutral area. There is a positive slope formation in the RSI, highlighting a possibility of uptrend in the price. RSI depicts a bullish momentum for price.
EGLD token price has seen the journey from $10 to $200 in a very less time. It has given significant returns in the past and can continue to do the same. Elrond price is seeing a recovery and can soon reach the $200 level. An Investor can do their due diligence before investing.