For the past week, the Elrond price has been in the red amid the overall crypto sell-off. However, the EGLD price has hinted at a recovery in the last two days. In the last 24 hours, the coin has jumped 13.38%. Its total market capitalization has jumped 5.36% to $4 billion, ranking it as the 33rd most valued digital asset. It is slightly below PancakeSwap and slightly above Monero.
EGLD Fundamental Analysis
The EGLD price has declined more than 20% in the last seven days, placing it among the poor-performers in the crypto market. Nonetheless, the coin’s total volume traded in the last 24 hours has climbed 44% to $567 million. This is a positive outlook as it demonstrates that more people are joining the market.
Elrond is a highly scalable, fast, and secure blockchain platform that seeks to offer extremely fast transaction speeds. The platform has had several developments in September. First, Elrond recently announced its partnership with Alchemy Pay. Alchemy Pay is a payment solution for aggregating both crypto and fiat assets. The partnership will see EGLD introduced into the crypto to fiat payments network.
On September 13, Elron announced that KuCoin, a secure crypto exchange had listed EGLD. Prior to the announcement, US citizens were able to make direct Elrond purchases via credit cards. However, it is not available in New York, Louisiana, and Texas.
Elrond Price Outlook
The daily chart shows that the Elrond price has been signaling a positive outlook for the past two days. It has moved slightly below the 25-day and slightly above the 50-day exponential moving averages. Its Relative Strength Index (RSI) is steady at 51.
Therefore, the coin’s price is likely to bounce back, offsetting its losses as the $300 mark becomes the next logical target for the bulls. However, a move below the key support level at $180 will invalidate this view.