Elrond (EGLD) price analysis: correction or end of the rally?

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the… read more.
on Sep 18, 2021
  • Elrond is a highly scalable, fast, and secure blockchain platform
  • Elrond (EGLD) has reached a new all-time high above $300 last Tuesday
  • If the price falls below $200 support, it would be a strong "sell" signal

Elrond EGLD/USD has been one of the best performers on the cryptocurrency market since the beginning of September 2021, and the price of this cryptocurrency has reached a new all-time high above $300. The current price stands around $242, and if you decide to trade EGLD, you should always use a “stop-loss” order because the risk remains high.

Fundamental analysis: Elrond can process hundreds of thousands of transactions per second

Elrond is a highly scalable, fast, and secure blockchain platform that offers developers, validators, and businesses to build a new internet economy. According to its official website, Elrond brings 1000 times improvement in blockchain speed, scale, cost, and user experience.

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Elrond can process hundreds of thousands of transactions per second, with a $0.001 transaction cost, while the goal of this project is to build a transparent financial system accessible to anyone anywhere.

Elrond supports blockchain integration; still, the team behind this project believes that integration should happen only if it creates real value. Elrond is built by a team of experienced entrepreneurs and engineers who worked in big companies such as Google, Intel, Microsoft, among others. 

Elrond supports the most popular programming languages, and you can quickly start and deploy your application on this blockchain. To interact with this platform, you should use EGLD tokens that allow you to participate in network governance and earn token rewards by staking to the network.

“Our partners are racing to build interesting and creative products. Our community is pouring their lives into spreading the exciting news about Elrond, and all progress has been reflected in a rapidly growing interest to be part of and contribute to the Elrond ecosystem,” the team of Elrond reported.

Elrond has united forces of an incredibly vibrant community of more than 190,000 people, but the main question among traders is whether the EGLD is undervalued at the current price and will it go up in the upcoming days? EGLD has skyrocketed since the beginning of September, and if you decide to trade this cryptocurrency, you should always use a “stop-loss” order because the risk remains high.

Technical analysis: Elrond (EGLD) has extended its correction from the record highs above $300

Data source: tradingview.com

Elrond (EGLD) has extended its correction from the record highs above $300, but if the price jumps again above $280 resistance, it would be a signal to buy EGLD. The next price target could be around $300 or even above; still, if the price falls below $200 support, it would be a strong “sell” signal.

Summary

Since the beginning of September, Elrond (EGLD) has been one of the best performers on the cryptocurrency market, but it has weakened from its record highs registered on Tuesday 14.09.2021. EGLD is currently trading around $242, and if the price falls below $200 support, it would be a strong “sell” signal.

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