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Price Analysis

This Is Why Elrond (EGLD) Can Go to $200

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Stramosi was inspired by the Elrond network, a third-generation blockchain platform based in Romania that is quickly expanding with its own coin and a variety of distributed apps. Stramosi was supposed to be free, but with Elrond’s low cost and swift transaction speed, a large chunk of the collection might be hoarded by a few people. As a result, each Stramosi was assigned a minting cost. This ensured fair distribution, added value, and established a price floor for the whole collection.

Because Stramosi is on a mission to do good, they are building a donation-based reward structure. All funds raised will be sent to the @Romania NGO, which will use DeFi to build novel tourist technologies and increase adoption within the Elrond ecosystem.

Key Takeaways (EGLDUSD)

  • Sabin Stanescu, @Romania NGO CEO stated: “Stramosi is on a mission to do good. Stramosi aims to bring extra adoption and transactions on Elrond, become the most important NFT project on the platform, and create added value for its holders. Stramosi will also allow the @Romania NGO to build a DAO on top of Elrond, work on a blockchain tourism platform powered by AI, and change the way we promote and visit Romania. We are really glad to have such strong support from Arc Stake and see that they share so many of the same ideals. I believe that with their support, we will manage to create extra value for early adopters and build great things on Elrond.”
  • Stramosi is an ESDT (Elrond Standard Digital Token) that provides speed and scalability to the NFT without the need for contracts such as ERC-20. To support Stramosi, the Elrond protocol adds metadata and attributes to the previously existing ESDT, as well as a few additional characteristics than an ESDT, such as a changeable URI. Stramosi may be acquired once the marketplace is up and running, and you’ll be able to sell and swap them at lightning-fast internet speeds at dirt-cheap costs.
  • Elrond has crossed 30 million transactions of 1.2 million accounts.

Price Analysis of EGLDUSD

Fear & Greed Index: 23, Extreme Fear

All-time High: $542.58

ROI: 763.32%

24h Change: 10.13%

7d change: -14.98%

Market Cap: $3,007,573,202

Circulation Supply: 20,640,690 EGLD

Total Supply: 23,016,298 EGLD

Weekly Chart Breakdown of EGLDUSD

EGLDUSD Price Analysis

Source: TradingView

EGLD has a bullish divergence on the weekly timeframe, which signals the rally towards $200 in the near future.

Daily Chart Breakdown of EGLDUSD

EGLDUSD Price Analysis

Source: TradingView

After the collab with Stramosi, EGLD’s price started stabling above $115 and found support to bounce from. We might see a sharp rally towards $175 shortly. And a break above $178 will push the market towards $200.

4h Chart Breakdown of EGLDUSD

EGLDUSD Price Analysis

Source: TradingView

The EGLD price is following a falling channel on the 4h timeframe. At the time of writing, the price is near the channel’s resistance, which could push the market down. Or else, a break above $150 will push the market towards $175.

1 Hour Chart Breakdown of EGLDUSD

EGLDUSD Price Analysis

Source: TradingView

EGLD can go to slump after touching the resistance of the falling channel. However, the bullish momentum looks promising.

Final Thoughts

2021 was a great year for the blockchain networks that adopted DeFi, and NFT. Elrond is one of them, and its future looks promising in the eyes of its investors.

I have been in financial markets since 2013. With a diverse experience of different asset classes, I trade and create educational content for Crypto, Forex and Stock Markets.

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