The Elrond price is up for the past three consecutive days as interest in the network rose. The EGLD coin is trading at $180, which is the highest it has been since May 12. It is also about 245% above the highest level on June 22, bringing its total market value to more than $3.4 billion.
Why EGLD is rallying
There are several reasons why the Elrond price is rallying. First, the cryptocurrency industry is currently going through an Ethereum-killer season. This is a season where most tokens of platforms similar to Ethereum have been on a strong bullish trend.
For example, recently, Solana has moved from obscurity to become the eighth biggest cryptocurrency in the world. It is not alone. Today, Binance Coin has become the fourth biggest coin while Polkadot has also become the 9th biggest cryptocurrency.
Similarly, Avalanche has also surged. Therefore, there is a lot of demand for Ethereum alternatives that have faster and scalable platforms has been rising.
Second, the Elrond price has risen as more developers have embraced the network. On Monday, XP.Network NFT bridge went live. This bridge allows NFTs to flow between Elrond, Ethereum, BSC, Huobi ECO Chain, and Solana.
Earlier this week, Copper.co, a company that offers infrastructure to brokers moved to Elrond. Other popular brands that have moved to Elrond’s ecosystem are BlockBank, Dext, Human, United Group, and Now Payments. Therefore, with the network expanding, analysts hope that Elrond could become the next big thing in cryptocurrencies.
Elrond price prediction
The EGLD price has been in a bullish trend in the past few months. Indeed, the coin is approaching its highest level on record. At the same time, it has moved above the dots of the Parabolic SAR and the Ichimoku cloud. It is also slightly above the 50-day moving average while key oscillators like the MACD and the Relative Strength Index (RSI) have been rising.
Therefore, the coin may keep rising as bulls target the all-time high at $245. In other words, the Elrond price will maintain a bullish trend as long as it is above the 50-day EMA. This is in line with my previous estimate.