The total market capitalization of cryptocurrencies has fallen below the mark of $ 2.7 trillion, but some coins have nevertheless performed well.
The last two weeks have been tough for the broader cryptocurrency market. The prices of most coins have fallen by more than 10% during this period. The total market capitalization of cryptocurrencies has slipped again from the recent all-time high of USD 3 trillion.
Elrond (EGLD) is currently one of the most powerful coins on the market and has recovered by more than 60% in the last three days. EGLD hit a new all-time high of $545 an hour ago and is up more than 12% in the last 24 hours.
EGLD has recovered since Elrond launched the $1.29 billion liquidity incentive program on Friday. The incentive is designed to accelerate the upcoming launch of Elrond’s native decentralized exchange Maiar.
The decentralized exchange will use its utility and governance token – MEX – to transfer the funds. The team said that a total of $ 282 million of the amount would be distributed in the first month to users of the decentralized exchange providing liquidity in EGLD, MEX and USDC.
Important levels at a glance
The EGLD/USD 4-hour chart is currently one of the most bullish in the cryptocurrency space. The MACD line of the coin is above the neutral zone, which shows a bullish performance in recent days. In addition, the RSI of 77,50 indicates that EGLD is currently overbought.
The rally is currently entering a bearish trend, despite the broader market. If the current momentum is maintained, EGLD could rise higher in the coming hours, reaching a new all-time high above the $600 mark. Unless there is a longer rally of the broader market, the $650 mark should limit further upward movements in the short term.
After its recent rally, EGLD could easily decline towards the $500 mark in the coming hours. The bears are in control of the broader market and could drop the value of EGLD below the $500 mark a few hours after passing this level.