- Elrond price is up by more than 100% in the past 24 hours.
- The digital asset has reached $3 billion in market capitalization reaching rank 20.
- EGLD had a colossal rally since November 2020, increasing its value by more than 3,000%.
Elrond has been one of the most successful projects in the past few months. The digital asset has quickly climbed the leaderboard reaching $3 billion in market capitalization and experiencing a 3,300% rally since November 2020.
Elrond price might need to see a correction before another leg up
Although EGLD has been trading inside a robust uptrend for the past several months, the digital asset will need to see a pullback eventually. Elrond price is up by 213% in the past six days without any notable corrections.
EGLD/USD daily chart
Elrond price got rejected at the psychological level at $200 and bears could have a lot of momentum in the short-term. Using the Fibonacci Retracement tool we can determine some potential price targets in the near future at $154, which is the 23.6% level, and $126, the 38.2% Fib level.
However, the bearish outlook can be easily invalidated if EGLD bulls can push the digital asset above $200. The next potential price target stands at $320 which is the Fibonacci 161.8% extension.
EGLD has seen a ton of volume in the past week and 57% of all circulating tokens are currently locked in staking. The Blockchain platform has seen a significant increase in wallets joining the network, currently around 254,000 in total.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.