Altcoins have been leading in the slight price recovery across the crypto market. Even as Bitcoin consolidates at $48K, some altcoins have headed towards monthly highs, having made double-digit gains. One of the top gainers during the past 24 hours is Elrond.
Elrond is trading at $312.93 at the time of writing after a 16.9% gain in 24 hours.
Elrond price analysis
The EGLD token has been on a major rally during the past few days despite a slight recession in the broader market. However, most of the coin’s recent gains happened during the past 24 hours.
If EGLD can continue with its uptrend, it could push past $320. During the past 24 hours, the strong buyer support allowed the token to reach a weekly high of $317. A stronger bullish momentum could also set the next target at $350.
Before the recent price action, EGLD was trading at $261, and the overwhelming buyer support has allowed the token to recover from the dips made in recent days. Nevertheless, the token is still 42% below its all-time high of $545 set in late November 2021.
Currently, the broader market is consolidating, and as aforementioned, altcoins are leading in the price recovery. However, going by the trend in recent weeks, the price recovery could fail again and push buyers out of the market. A sell-off could lead to EGLD going below $300.
Elrond is a blockchain that seeks to offer the highest throughput and develop the next internet-scale network. The blockchain is ambitious in terms of seeking scalability in that it aims to be 1000 times more scalable than the other existing networks. The network can record increased user adoption through scalability by handling transactions easily and efficiently.
One of the areas where the Elrond network seeks to achieve adoption is decentralized finance (DeFi). In November, the blockchain project announced the launch of a liquidity incentive program for the Maiar DEX DeFi platform. The program is already in operation, and it is estimated to cost around $1.29 billion.
The launch of this program was a major move towards pushing DeFi adoption on the Elrond blockchain. The DEX is already recording increased interest from users, with Elrond recently announcing that RIDE would be listed on the platform on December 16. The platform stated that the listing would happen in multiple steps for efficiency.
Where to buy EGLD
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