The Elrond price has staged a remarkable recovery in the past few days as demand for cryptocurrencies have rebounded. The EGLD is trading at $140, which was the highest level on May 19. It has risen by more than 160% from its lowest level since May, bringing its total market capitalization to more than $2.66 billion. It is the 47th biggest cryptocurrency in the world.
Elrond is a growing blockchain project that was developed in 2018. It was built using the proof-of-stake technology to help developers build decentralized applications. Like Ethereum and Polkadot uses a proof-of-state technology.
In the past few months, the developers have been hard at work. For example, they launched the Maiar Exchange to enable internet-scale value swaps, global accessibility, and fair community distribution. They also launched the Maiar staking, DeFi 2.0, and a Decentralized Echange. Most recently, they launched the DeFi Digital identity and DeFiInteroperability.
Meanwhile, more developers have been adopting the Elrond ecosystem. Some of the most notable ones are Human, Ternoa, UnitedGroup, Impossible Finance, Harvest, and Saito.
Like all cryptocurrencies, Elrond price has been under intense pressure in the past few months. This performance was mostly in line with what other cryptocurrencies like Bitcoin and Ethereum have performed. Now, the EGLD price has rebounded in line with the other rally of altcoins.
Elrond price prediction
The four-hour chart shows that the Elrond price has been in a strong bullish trend recently. Along the way, it has risen above the key resistance at $107, which was the highest level on 5th July. It has also moved above the 38.2% Fibonacci retracement level. It is now approaching the 50% retracement level. Further, it has risen above the 25-day and 50-day exponential moving averages (EMA).
The Relative Strength Index (RSI) has also been in a strong bullish trend. Therefore, I suspect that the upward momentum will continue as investors target the 61.8% retracement level at $173, which is about 20% above the current level. On the flip side, a drop below $107 will invalidate this view. This forecast is in line with my previous views of EGLD.