Elrond Price Prediction: EGLD gains $1 billion in market capitalization after colossal surge
- Elrond price is up by more than 100% in the past 24 hours.
- The digital asset has reached $3 billion in market capitalization reaching rank 20.
- EGLD had a colossal rally since November 2020, increasing its value by more than 3,000%.
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.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
