The Elrond price has been in a bullish trend in the past three straight days. This trend has pushed its price to an all-time high of $312, bringing its total market capitalization to more than $6 billion. Elrond is the 36th biggest cryptocurrency in the world and is slightly above the Near Protocol and Hedera Hashgraph.
Is Elrond the next big thing?
Elrond is a blockchain project that enables developers to build decentralized applications. The network’s key difference with other popular platforms like Solana and Avalanche is that it uses a technology known as adaptive state sharding. This is the technology that divides blocks into smaller pieces in a bid to increase their speed. It involves the three types of sharding that include state, transactions, and network.
Elrond also has a virtual machine that is a dedicated smart contract execution engine that is built on WASM. As such, developers can write applications using more languages. It also uses a proof-of-stake consensus.
Still, the biggest challenge for Elrond is that its usage is relatively smaller. For example, although it competes with Ethereum, the number of apps built on Elrond is relatively small. A good example is in the DeFi industry where Ethereum’s applications have a total value locked of more than $170 billion.
Elrond price forecast
You can read my previous accurate Elrond prediction here. The EGLD price made a bullish breakout recently. The coin managed to move above its previous all-time high of $245 recently. This was a major milestone since Elrond declined by more than 78% between April and July. The coin has also remained above the 25-day and 50-day moving averages while the MACD is above the neutral level.
Therefore, there is a possibility that the bullish trend will continue as bulls target the next key resistance level at $400. However, a drop below $245 will invalidate the bullish view.