Elrond Standard Digital Token lands on mainnet, pushing EGLD price closer to breakout

Elrond has brought forth critical developments to its mainnet, which could catalyze adoption. EGLD price seems to be reflecting this bullishness as it bounced off a significant level and forecasts an upswing.

Smart contracts, NFTs and governance token

Elrond released the v1.1.50 update bringing the much-anticipated Elrond Standard Digital Token (EDST) and Non-Fungible Tokens (NFTs) to the mainnet. In a recent announcement, Elrond stated that the new EDSTs would not require developers to deploy smart contracts.

Unlike Ethereum and other smart contract blockchains, the implementation of EDSTs will reduce the digital footprint and cost while increasing the network efficiency and transaction times.

Additionally, the upgrade also includes NFT frameworks for developers and creators to explore.

However, due to the nature of EDSTs, the NFTs built on the EGLD blockchain are fast, secure and have transaction costs that make it easier to mint, manage and transfer.

Maiar, an exchange built using the Elrond architecture, has announced the launch of MEX, an exchange token.

Interestingly, MEX, which is now a part of the Maiar Exchange ecosystem, can be claimed by any user who holds or stakes EGLD.

The announcement reads,

The launch of the MEX token is a major step forward for our ecosystem. The first token on our mainnet will be 100% community owned and governed.

All the updates and significant developments to the Elrond blockchain add value to its fundamentals, making a strong case for investors.

Elrond price begins its upswing

Elrond price has bounced off the 50% Fibonacci extension at $15.39 on the 12-hour chart, suggesting a resurgence of buyers.

Supporting this bounce is the breach of a freshly printed demand zone extending from $153.62 to $177.85.

A successful retest of this area further confirms the 40% upswing and makes the case to retest the swing highs at $216.79 and $245.77.

If EGLD sets up a decisive close above $190.68, it will add credence to the bull rally.

EGLD/USDT 12-hour chart

On the flip side, if EGLD price fails to hold above the demand zone and invalidates its lower band at $153.62, it would put an end to the bullish thesis and trigger a downtrend.

In such a scenario, Elrond price might slide 14% to revisit the $131.46 support level.