- ERD/USD continues climbing the ladder without any resistance.
- Elrond looks practically unstoppable even though plenty of indicators are showing the digital asset is overextended.
Elrond is experiencing unprecedented gains with a ton of volume jumping from a small $8 million market capitalization to the current $205 million cap, ranking 50th. It’s actually unknown what’s causing this massive bull rally, we know Elrond is preparing to launch its mainnet by the end of July, however, that alone cannot be the trigger for the current run.
ERD/USD daily chart
At this point is really hard to predict where Elrond will stop as there is no resistance to the upside. The RSI has already been extremely overextended for months and that hasn’t stopped the bulls from pushing ERD higher. Similarly, other indicators are also showing ERD is overextended but the FOMO (Fear Of Missing Out) is simply too strong.
Considering its trading volume, ERD could very easily continue climbing, other coins close to its rank and higher have way less trading volume.