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The Elrond price is in a tight range today. EGLD price has dropped by more than 2% in the past 24 hours but is still up by 16% in the past 24 hours. This has brought its total market cap to more than $2.4 billion, making it the 39th biggest digital currency.
The background: Elrond is a fast-growing blockchain project that helps businesses build decentralized applications. The project achieves this through, “a genuine state sharding scheme for practical scalability, eliminating energy and computational waste while ensuring distributed fairness through a Secure Proof of Stake (SPoS) consensus.” EGLD is the native currency used in the Elrond ecosystem.
The Elrond price has been in a strong rally in the past few months. It has jumped by more than 2,050% from its lowest level last year. On the four-hour chart, we see that the price has been in a consolidation pattern in the past few weeks. As a result, it has formed a symmetrical triangle pattern. Also, the price is along the short and medium-term moving averages.
Therefore, with this triangle approaching its convergence zone, we should expect a major breakout. If it breaks-out higher, the next key level to watch are $152 and $120, respectively.
