Elrond Price Prediction: EGLD Winning Streak To New ATH Continues To Leave Bears Rekt
- Elrond explodes to a new ATH daily as the cryptocurrency market falters.
- Expansion into the DeFi sector, Moonpay partnership, and listing on KuCoin exchange are a few reasons for the consistent rally.
Since July, Elrond has not slowed down the run down the 'runway.' The crosswinds sweeping across the market since last week have not deterred bulls from achieving their goals. A new record high has just been reached at $307, dwarfing the previous all-time high (ATH) of $251 (traded in April 2021).
At the time of writing, EGLD is dancing at $277, following a minor retreat from $307. The bulls seek higher support to resume the daily hunt for a new record high.
CoinGecko shows Elrond is up 4% in the last 24 hours and boasts 74% in gains accrued in seven days. The 33rd largest token in the market boasts $5.5 billion in market value and has attracted approximately $444 million in trading volume.
Elrond Rally Backed By DeFi Support Feature
Attention has shifted from mainstream cryptocurrency products to decentralized finance-centered protocols, and Elrond has not been left behind. Some analysts believe the DeFi platforms are gaining traction again following a relatively calm non-fungible token (NFT) sector in the previous two weeks.
Elrond's rally from July has mainly been fuel by the network's complete release of Maiar exchange, listing on KuCoin, several strategic partnerships, and developments gear toward ecosystem expansion.
Maiar exchange is a DeFi platform that has been built to execute on the Elrond network. The protocol allows users to buy and sell while providing liquidity in selected pools. Elrond announced on September 9th that EGLD tokens were available for purchase right from the Maiar app. This feature had been made possible with the integration of Moonpay, a global leader in the retail economy.
Elrond Journey For New Record Highs Far From Over
Although Elrond has retraced from the record high, the general technical picture shows that buyers still have the upper hand. The bullish narrative herald from the recently formed golden cross pattern, an index that begins when the 50-day Simple Moving Average (SMA) crosses above the 200-day SMA. Many renowned analysts use this pattern to affirm a bullish trend which often marks the beginning of an impressive price rally.
EGLD/USD Daily Chart
Simultaneously, the Moving Average Convergence Divergence (MACD) adds credence to the bullish outlook based on the daily chart. In addition to a buy signal on September 9, the MACD is pointing upward higher above the mean line.
However, it is essential to proceed with caution because the Relative Strength Index (RSI) shows that Elrond is overbought. Although an asset can stay in the region above 70 longer in a bull market, it is imperative to watch the direction of the RSI to foresee the strength of the trend.