Cryptocurrencies

Elrond Price Prediction: Will the Utrust Deal Ameliorate the EGLD Pain?

Published by
Written By: Crispus Nyaga
Share
    Summary:
  • The Elrond price is in a tight range even after the developers announced a major acquisition this week. EGLD is trading at $208

The Elrond price is in a tight range even after the developers announced a major acquisition this week. EGLD, its native token, is trading at $208, which is a few points above this month’s low at $179. The coin has a total market capitalization of over $4.2 billion, making it the 41st biggest cryptocurrency in the world.

Elrond is a leading blockchain project that is seeking to become a leading alternative to Ethereum. Its main advantage over Ethereum is that it can handle about 100,000 transactions per second (TPS). This is a strong figure considering that Ethereum can handle less than 100 tps. 

Elrond achieves this by using the sharding technology that is also used by the likes of NEAR Protocol and Zilliqa. Sharding is a technology that divides blocks into smaller pieces known as shards. As a result, it is able to have a higher throughput.

On Tuesday, Elrond announced that it had acquired Utrust, a Portuguese cryptocurrency firm. The terms of this transaction were not revealed. The next step will be to integrate the Utrust platform to Elrond. As a result, it will offer a product known as merchant yield. In a statement, Elrond Network CEO said;

“A superlative version of payments that’s flawless, instant and inexpensive anywhere in the world is already a great step forward,” said Mincu in an interview. 

Elrond price prediction

The daily chart shows that the Elrond price has been in a deep sell-off in the past few months. It has crashed by about 63% from its all-time high of $560, which it tested in November. As a result, Elrond has slowly fallen down the crypto rankings.

The EGLD price is below the 25-day and 50-day moving averages and below the 61.8% Fibonacci retracement levels. Therefore, in my view, the bearish trend will continue as bears target the 78.6% Fibonacci retracement level at $160. This view will be invalidated if the price moves above $245.

This post was last modified on Jan 12, 2022, 05:00 GMT 05:00

Written By: Crispus Nyaga

Crispus Nyaga is an analyst and consultant with more than 8 years of experience. He started trading Forex while completing his BSc degree and he has worked for brokers like OctaFX, easyMarkets, & Capital. He has also contributed widely in leading websites like rkdream.com, SeekingAlpha, iNvezz, DailyForex, and BanklessTimes. In 2017, Crispus completed his MBA.

Published by
Written By: Crispus Nyaga