The Elrond price is in a recovery mode after early interest in the fast-growing blockchain network waned. The EGLD price is at $183, which is 102% above the lowest level in late February this year. Its market cap has risen to more than $3.2 billion, while its ranking has dropped to 43.
What happened: Elrond was one of the fastest-growing blockchain project early this year. This saw its price soar by more than 800% between January and February. However, since then, the interest has waned as investors have focused on other altcoins like Theta and Solana. Still, there is hope.
This week, the developers announced a major partnership with a company called Shopping.io that enables shoppers to use eGLD as for payments. This means that people can use the token to shop in platforms like Amazon and Walmart. In addition, more developers are still moving to develop on the Elrond network because of its scalability and security features.
Turning to the daily chart, we see that the Elrond price has been recovering recently. It has more than doubled in less than two months and is now slightly below the all-time high. The price is also being supported by the short and longer-term moving averages. It is also slightly above the ascending red trendline.
Therefore, in my view, it is just a matter of time before the EGLD price retests its all-time high as bulls target the important resistance at $250. This prediction will be invalidated if it drops below $150.
