Elrond Price Prediction: EGLD gains $1 billion in market capitalization after colossal surge

Elrond has been one of the most successful projects in the past few months. The digital asset has quickly climbed the leaderboard reaching $3 billion in market capitalization and experiencing a 3,300% rally since November 2020.

Elrond price might need to see a correction before another leg up

Although EGLD has been trading inside a robust uptrend for the past several months, the digital asset will need to see a pullback eventually. Elrond price is up by 213% in the past six days without any notable corrections.  

EGLD/USD daily chart

Elrond price got rejected at the psychological level at $200 and bears could have a lot of momentum in the short-term. Using the Fibonacci Retracement tool we can determine some potential price targets in the near future at $154, which is the 23.6% level, and $126, the 38.2% Fib level. 

However, the bearish outlook can be easily invalidated if EGLD bulls can push the digital asset above $200. The next potential price target stands at $320 which is the Fibonacci 161.8% extension.

EGLD has seen a ton of volume in the past week and 57% of all circulating tokens are currently locked in staking. The Blockchain platform has seen a significant increase in wallets joining the network, currently around 254,000 in total.