Elrond: Before you fill up your bags with EGLD, read this

EGLD, the native coin of the scalable smart contract blockchain network, Elrond Network, broke out of a falling wedge in an uptrend on 20 August. Sharing a significant positive correlation with the leading cryptocurrency, Bitcoin, EGLD has been impacted by the general downturn that has plagued the cryptocurrency market since the beginning of this month.

Timeline of Elrond-egld

This year has brought many upheavals in the crypto market. Starting from January 2022, the market began to go downhill, the fall became steeper around April and May, and the crypto arena plummeted by the end of July.

In an announcement blog dated 1 July, Elrond, the scalable smart contract blockchain network, informed its users of the launch of its decentralized exchange (DEX), Jungle DEX. According to the team, the DEX is “not just a product launch, but an open door to real, raw innovation.

Elrond, a fast, scalable smart contract blockchain network witnessed an impressive amount of traction this week. In fact, the EGLD token's price jumped by 9% over the last 24 hours of 3 July to tade around the $50 mark.

Cantina Royale and Elrond Apes are teaming up to enhance the appeal of the upcoming top-down tactical arcade shooter with play-to-earn mechanics. Elrond Apes NFTs will be featured in the game and become usable across single and multiplayer battle modes.

Vaduz, Lichtenstein, 28th June, 2022, Chainwire Cantina Royale and Elrond Apes are teaming up to enhance the appeal of the upcoming top-down tactical arcade shooter with play-to-earn mechanics. Elrond Apes NFTs will be featured in the game and become usable across single and multiplayer battle modes.

The first half of 2022 has been one of the worst periods for cryptocurrencies. Since the beginning of the year, significant tokens such as Bitcoin (BTC) and Ethereum (ETH) have declined by 40% to 50%, indicating a bear market 2022.

On June 19th, the Elrond(EGLD) price gave a bullish breakout from a two-and-a-half-month-old resistance trendline. Furthermore, the buyers' failed attempt to surpass an immediate resistance of $56.3 could result in a retest reversal to the descending trendline.

Elrond EGLD/USD is a blockchain protocol that offers high transaction throughput and speed due to the fact that it utilizes sharding. The blockchain has a native cryptocurrency token that's dubbed eGold and uses the ticker symbol EGLD.  The cryptocurrency is mainly used for the payment of network fees, for staking, and for rewarding the validators The post Elrond's future after ICI Bucharest utilization appeared first on Invezz.

Key takeaways: Binance has stopped deposits and withdrawals of EGLD to investigate what it calls a potential security issue on the Elrond Network. Yesterday, a hack was reported on the Elrond Network resulting in the loss of $1.65 million worth of EGLD that was later sold on the Maiar Decentralized exchange, causing a 92% price drop on the DEX.

EGLD just concluded the first week of June on a bearish note, after dropping by roughly 25% from end-of-May levels. A close look at its price action reveals that it is now trading at a critical support level that might be critical in the next few weeks.