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Elrond price prediction: More upside for EGLD?

Elrond price prediction: More upside for EGLD?

Last updated 30th Nov 2022
Disclosure
  • Elrond price has made a steady recovery in the past few months.
  • It has risen by 35% from its lowest point this year as ecosystem growth continues.

The Elrond price has rebounded in the past few weeks as investors cheer the recent developments in the ecosystem. EGLD is trading at $166, which was the highest level since February 21 this year. It has risen by over by more than 35% from the lowest level this year.

Latest developments

Elrond is a leading blockchain project that aims to become a better platform for developers building decentralized applications. The network is based on a proof-of-stake technology that is usually faster and more adaptive.

Elrond also uses a technology known as sharding, which improves processing speeds by reducing the sizes of blocks into shards. It is a technology that was proposed by the developers of Zilliqa and is now being used by Near Protocol and the upcoming Ethereum upgrade.

Elrond price has risen by more than 35% from its lowest level this year as developers cheer some developments in the network. For example, recently, the platform’s developers wrote about their vision for Elrond DeFi 2.0, which they believe will disrupt the $100 trillion dollar banking industry.

Some of the features they envision are the creation of Elrond Swap products, an Elrond NFT standard, and ESDT Stablecoins.

In the past few months, Elrond has also deepened its partnerships. For example, early this month, Blockdaemon joined Elrond to become a staking partner. This was a notable thing considering that the company has over $10 billion in assets staked through its institutional-grade infrastructure. In a statement, Elrond’s CIO said:

“With Blockdaemon joining our validators network, Elrond becomes even more decentralized, and the ecosystem stands to benefit from the influx of high-end infrastructure and top-notch professionals operating it.”

Elrond also continued growing its ecosystem by acquiring Twispay, a company that provides payment services and issues electronic money services in Romania. This buyout came a few months after the company acquired UTrust.

Elrond price prediction

The four-hour chart shows that the EGLD price has made a spectacular recovery in the past few days. Along the way, the coin has managed to move above the key resistance level at $160, which was the highest level on March 1. The coin has also managed to move above the 25-day and 50-day moving averages.

The Stochastic oscillator has moved above the overbought level. Therefore, the likely scenario is where the coin retests the support at $160 and then resumes the bullish trend. If this happens, the next reference level will be at $185.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.