- Elrond price has been in a strong rebound recently.
- ICI Bucharest has adopted Elrond for its NFT and DNS service.
Elrond price has bounced back in the past few hours as the crypto and stock market has rebounded. EGLD, the platform’s native token, is trading at $55.61, which is sharply higher than this week’s low of $37.52.
Elrond ecosystem growth
Elond is a leading blockchain project that is known for being one of the earliest adopters of sharding technology.
Sharding is a technology that accelerates the performance of a blockchain by slicing blocks into small pieces known as shards. As a result, it means that it handles about 15,000 transactions per second (tps).
Elrond has been used widely to build all types of applications. For example, its infrastructure integrations include platforms like BitGo, Ardana, and Coinbase. Its validators include Staked, StakeBorg, and Harvest among others.
Most importantly, Elrond built Maiar, a cryptocurrency wallet that is used by millions of people. It allows people to create a wallet without providing their usernames, passwords, and recovery phrases to back up. It also makes it easy to buy and send EGLD.
Read more on the best altcoins to buy.
The EGLD price is rising as investors react to the announcement by the Romania National Institute for Research and Development in Informatics (ICI). The agency said that it would use Elrond to build an institutional non-fungible token (NFT) marketplace and a decentralized Domain Name Service (DNS). In a statement, the institute said:
“Web 3.0 technologies can transform public administration and help its institutions and processes leap forward in terms of efficiency and speed while decreasing costs, overhead, and excessive bureaucratic activities.”
Elrond price prediction
The daily chart shows that the Elrond price has been in a strong bearish trend in the past few months. It has crashed by 90% from its all-time high, bringing its total market cap to about $1.2 billion.
Elrond’s crash accelerated after it moved to a low of $114.27, which was the lowest level in January this year. The price remains below the 25-day and 50-day moving averages.
At the same time, the Relative Strength Index (RSI) has moved from the oversold level of 20 to the current 40.
Therefore, as I noted in my Solana prediction, this rebound is likely a dead cat bounce. As a result, there is a possibility that it will retest this week’s low of $38.58. A move above the key resistance level at $70 will invalidate this view.
