Elrond [EGLD] Nears $400 To Chart New All-time-high: What’s Next?

Elrond [EGLD] price taps a new high of $395 today, rising by almost 25% and ending the weekend on a high note. The native token has been grabbing the limelight following its stellar rise after announcements of several high-profile projects. The Elrond ecosystem boasts itself as a technology hub for a new generation of the internet that includes fintech, decentralized finance [DeFi], and the Internet of Things [IoT].

Most recently, the popular Internet-scale blockchain launched an ambitious liquidity incentive program for its Maiar DEX DeFi platform. The latest initiative represented a massive push towards boosting decentralized finance [DeFi] adoption “beyond the current boundaries” in the digital asset ecosystem.

As a matter of fact, Elrond’s growth across decentralized finance (DeFi) protocols has risen by leaps and bounds. At the time of writing, the network charted an all-time high in terms of total value locked (TVL) with $975 million, a surge of 43% in the last 24 hours, according to DefiLlama.

In addition to that, the native token’s price movement appreciated by more than 4830% since the beginning of this year. The overall positive development in the network has been reflected in its price as well.

Let’s delve into the price indicators.

Elrond [EGLD] short-term price chart

The 27th rank coin soared to more than 13% over the last 24 hours. At press time, it was changing hands at $394.92 The digital asset recorded a 24-hour trading volume of $569 million. With the ever-rising volume, the price technicals look encouraging.

As gauged from the 4-hour price chart, The Relative Strength Index [RSI] climbed higher in the overbought territory after moving above 70 demonstrating that buyers are dominating. The MACD indicator too reiterated the bullish narrative. At the same time, the Klinger Oscillator [KO] further signals confirmation of an upswing in the price movement. In brief, Elrond is poised for bigger gains.