- The Elrond price has increased more than 100% in the past 24 hours.
- The market capitalization of the digital asset has reached $ 3 billion, ranking 20th.
- EGLD has seen a colossal rally since November 2020, increasing its value by more than 3,000%.
Elrond has been one of the most successful projects in the last few months. The digital asset quickly topped the leaderboard, reaching a market cap of $ 3 billion. It has rallied 3,300% since November 2020.
The Elrond price may need to be corrected before another leg goes up
Although EGLD has been trading in a robust uptrend for the past few months, the digital asset will see a decline at some point. Elrond price has risen 213% in the past six days with no significant corrections.
EGLD / USD daily chart
The Elrond price was down at $ 200 on a psychological level, and bears could have a lot of momentum in the short term. Using the Fibonacci retracement tool, we can pinpoint some potential price targets at $ 154 (23.6%) and $ 126 (38.2% Fib) in the near future.
However, the bearish outlook can easily be invalidated if EGLD bulls can bring the digital asset above $ 200. The next potential price target is $ 320, which is the Fibonacci expansion of 161.8%.
EGLD has seen a ton of volume over the past week, and 57% of all tokens in circulation are currently on stake. The blockchain platform saw a significant increase in the number of wallets joining the network, currently around 254,000 total.