EGLD Price Analysis July 2022

EGLD is a coin of platform Elrond. Its current price is around $53.4 by the time of writing, with a low of $38, and has a market cap of 1.2 billion dollars.

What is Elrond?

EGLD, a blockchain-based voting protocol, plays an important role in ensuring the stability and security of their network. It enables users to send cash or stake EGLD tokens to assist in voting on any future network upgrades. In return, they will be rewarded with EGL tokens.

 Elrond uses the Secure Proof of Stake consensus mechanism. Validators and Delegators stake EGLD to secure the network, earning rewards. The process is non-custodial, meaning you are always in control of your funds no matter how much you stake.

What is EGLD?

EGLD is the coin of the Elrond platform, which is around $53.4 by the time of writing, with a low of $38. It reached $542, and its current ranking is #41 according to CoinMarketCap, with a market cap of 1.2 billion dollars. 

EGLD is a cryptocurrency that promises fast & unlimited transactions on the Elrond blockchain. It’s designed to handle high-volume transactions and be used as an all-purpose currency. Elrond also provides support for blockchain-based applications through the use of smart contracts.

EGLD Coin Market Analysis 

EGLD has a total supply of 23,016,298 coins worth around $53.4 with a market volume of 50 million dollars, whereas the market capitalization is 1.2 billion dollars at writing. 

EGLD Price Prediction

On the 1D timeframe, the price action of $EGLD/USDT has formed a bear flag pattern. The price is moving inside the flag. Currently, the price is working above the support trendline. We must wait for a successful breakout or breakdown to confirm its next move.

Elgd Price Charts July 2022
ELGD Price Charts July 2022

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Closing Thoughts

Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we just discussed about might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.

Disclaimer: Our analysis is for educational purposes.

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Pratyaksh

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