The native token of Elrond network is Egld that is used in staking and paying network fees and rewarding validators. At the time of writing Egld is being traded at the price of $356.88. The price has increased by almost 15.68% in the past 24 hours. Egld is listed on coinmarketcap on the 30th spot and has a market dominance of about 0.27%. The past 4 months have been extremely bullish for the price.
This month alone we have seen an increase of about 31.83% in the price. 4 months ago Egld was being traded at the price of around $86.86 and now it is near its All-Time High. EGLD created it all-time high around the price of $369.61 during this month. Egld has a limited supply with a base at 20M Egld and new tokens are minted to reward the validators.
Technical Analysis
Elrond (EGLD) has been printing green candles for the past 8 hours. On the four-hour time frame, we see that the price was forming an inverse cup and handle formation. During this formation, the price was supposed to drop (high probability) but instead it grabbed the liquidity and rallied upwards, and broke the structure during this movement as well.
During this rally upwards, the price had created an order block which is unmitigated at the moment. Aso due to this momentous move upwards, we see that the price has left quite an imbalance there which can drop the price down to the level of the daily order block.
A confirmation of this move would be that Elrond (EGLD) breaks the structure which would eventually lead to a drop in the price. Moreover, if the daily order block holds then we can expect that the price would move upwards and it wouldn’t be long before we see a new all-time high, otherwise, we can expect lower price levels as well.
Long Term Prediction – Elrond (EGLD)
Elrond (EGLD) is a highly bullish project. According to the wallet investor, the price is expected to reach a value of $525.372. For five years, the price is expected to reach a level of $1357.070.
