The majority of the crypto market led by bitcoin has made considerable losses in the past 24 hours. However, several tokens such as Elrond (EGLD) have shown resilience and have maintained an uptrend despite the current bearish sentiments.
EGLD is trading at $124.78 at the time of writing after a 4.4% increase in 24 hours.
Elrond Price Analysis
Since late July, EGLD has been on a steady rise, and the coin’s value has increased by more than 40% in the past week. Most of these gains have been attributed to the ongoing bullish trend across the broader market.
If the current market and buying support continue, we will see EGLD heading towards the next resistance of $128. The coin managed to test this resistance during the past 24 hours, but it was rejected. Hence, if the current bullish upswing continues, we could see the coin heading towards breaking this resistance.
After $128, the next stop for EGLD is $130, which will be realized if the market and buying support continue. Traders could also rally buying support after this level is achieved, which could propel EGLD to new monthly highs.
The broader market has a bearish sentiment, which means EGLD could mimic this trend if bulls are not reestablished. In this case, we will see EGLD drop to retest the lower support of $115 before another bull run gears up.
Elrond has created a strong reputation in Europe for being a sustainable blockchain. In a recent announcement, the company stated that it was the first blockchain network in Europe to be carbon negative. The blockchain also collaborated with Offsetra; a firm focused on reducing carbon emissions, in a bid to help Elrond reduce its carbon footprint further.
Where to Buy EGLD
If you want to purchase the EGLD token, you can create an exchange account on the following platforms:
eToro is one of the popular exchange platforms. It supports a wide range of user-friendly features like low trading fees. It also enables social copy trading, which allows new traders to obtain trading strategies from market experts.
You can also purchase EGLD from OKEx. OKEx is also among the leading cryptocurrency exchange platforms. It is renowned for offering competitive trading fees, and it also supports a user-friendly interface that makes it easy for users to trade on the platform.
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