The Elrond price is in a tight range as altcoins fall out of favour among investors. The EGLD price is trading at $235, which is about 14% below the highest level during the weekend. The coin has a total market capitalization of more than $4.6 billion, making it the 39th biggest cryptocurrency in the world.
An interesting thing has happened in the past few days. While the Bitcoin price has surged to more than $57,000, other alternative coins have lagged. A quick look at CoinMarketCap shows that most altcoins prices have declined in the past 24 hours. This is notable since most cryptocurrencies tend to rise when Bitcoin rises. In other words, altcoins tend to have a close correlation with Bitcoin.
Meanwhile, the Elrond price has struggled even as the network sees some substantial growth. Recently, it announced that AutoWorld, a major European car dealer will start accepting EGLD in its stores. In another development, its technology was adopted by Ardana. The goal is that EGLD will be used to collateralize stablecoins issued on Cardano through the Ardana stablecoin hub.
Another major development was that it was adopted by Composable. This partnership will see interoperable dApps with multichain liquidity be offered on the network.
The daily chart shows that the EGLD price has found substantial resistance in the past few days. The coin has struggled to move above the key level at $245.
A closer look shows that this resistance is not by accident. For one, the coin is now forming the handle section of the cup and handle pattern. The coin is also being supported by the 25-day and 50-day moving averages (MA).
Therefore, I suspect that the Elrond price will break out higher in the near term. If this happens, the next key level to watch will be at $300, which is about 26% above the current level. This view will be invalidated if the price declines to $220.