Elrond Network Watch: Consider This Before Filling Up Your Wallet With EGLD
August 23 2022 - 11:49AM
NEWSBTC
EGLD, Elrond Network’s native coin, was able to break free from a
falling wedge pattern during an uptrend seen on August 20.
According to CoinMarketCap, EGLD is up by 0.77% or trading at
$53.58 as of this writing. It can be remembered that EGLD had a
stirring bull run last month that has propelled the coin to a spike
of 16%. However, since then, the coin has had a massive
double-digit decline this August. EGLD apparently treads the same
direction with major crypto Bitcoin that has experienced the
extreme downswing that affected the crypto market this month. An
extrication spotted at a falling wedge usually ticks a spike in
price. However, is this surefire sign to go all-in for EGLD?
Related Reading: Polkadot (DOT) Hits The Brakes At $7.34 After
Brief Recovery EGLD Hints At Potential Downtrend On the daily
graph, EGLD’s key indicator shows that the trading momentum is
routed in such a way that dispels the belief of a potential bullish
reversal. RSI for EGLD looks bleak as it is positioned at 39 or
under the 50-neutral region. More so, the coin’s MFI is set at 35
hinting a downtrend. The CMF dynamic line is also at -0.09 or set
under the central line (0.) which implies a disturbing plunge in
terms of pressure on the price of EGLD. The downtrend is further
validated by the coin’s MACD positioning which is composed mainly
of red histogram bars. Since August 15, the MACD line is spotted
crisscrossed with the trend line in a downturn. This strongly
indicates the increase in EGLD selling pressure seen in the past
couple of days. Related Reading: Fantom (FTM) Hit By Bearish
Sentiment Despite Logging Over 300,000 Active Users Elrond Down In
Social Metrics Since early August, EGLD doesn’t seem to climb
significantly in terms of social metrics. While EGLD did jump to a
social high of 0.144% on August 9, it nosedived real quickly by
86%. Some 13.35 million EGLD coins were staked on Elrond in the
past week. The week before that, 13.33 million EGLD coins were
staked. More so, Maiar Exchange was able to record a 13% decline in
TVL the past week. There were no important updates implemented on
the network. As of press time, EGLD’s social dominance is at 0.019%
which shows an 86% drop compared to its high seen on August 8.
Since there have been no major updates to the network’s
ecology in recent months, progression has been nosediving for
several months. Elrond Network has processed 55.29 million
transactions over the past few days, a 5% decrease over the 54.73
million transactions processed over the last week. Crypto
total market cap at $1 trillion on the daily chart | Source:
TradingView.com Featured image from Somag News, chart from
TradingView.com
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