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Elrond (EGLD), the blockchain protocol seeking to offer fast transaction speeds through the use of a process called sharding, recently saw a significant price increase. Over the last 7 days, Elrond surged by around 14%, with a nearly 4% increase in the last 24 hours alone.
Like the rest of the crypto industry, EGLD has had a difficult time in terms of its token’s value in 2022, but things might finally be about to change.
Elrond price performance
Like many other digital coins and tokens, Elrond hit its ATH during the surge that started on July 20th, 2021, and lasted until mid-November. Some coins hit their highest around November 11th, while Elrond itself kept skyrocketing until November 22nd.
However, after that, the bears finally replaced the bull market and Elrond price crashed even faster than it was growing. The coin hit its ATH at $490 on November 22nd, and by December 13th, its price was already more than 50% lower, sitting at $234. The resistance at $230 prevented it from going down for a time, but that also changed once the project entered 2022.
Elrond started the year with a price of $243, sticking closely to $245, which acted as a resistance. It even managed to briefly breach this level on January 5th, hitting $253 before its price was rejected, and the token came crashing down.
By January 6th, the token was already at $200, and after briefly stopping here, it quickly resumed crashing towards $180. This support level was stronger than the others, and it briefly managed to stop the coin’s descent. Furthermore, the bear market also briefly weakened at this point, and EGLD price managed to bounce back up to $270, but the resistance rejected it again, and in the next few weeks, the coin dropped to its bottom at $120.
EGLD: Recovery and second drop
EGLD hit bottom on January 22nd, and after that, it started going up and down for quite some time. At this point, after some time has passed, it is clear that the token has been recovering in longer term ever since January 22nd, but at the time, each small growth was followed by a drop, and fluctuations continued to this day.
However, during those first several weeks, in late January and the first half of February, EGLD price was on the rise, heading back up towards a resistance at $200.
This was still the height of its growth, although the token did not stay there for long. By February 15th, it already left the resistance and started another drop, which acted in a similar way as the growth — smaller fluctuations accompanying a stronger trend, this time a bearish one.
Elrond once again hit bottom just above $120, and immediately recovered. Since then, it has faced several strong resistances, but it managed to find its new strongest support at $130, never going below this level since. As for its resistances, it was trying to breach the one at $150 first, finally succeeding on March 1st. The level at $160, however, was still much stronger at the time, and the token was rejected back to $130 after trying to approach it.
Another attempt to grow on March 12th led it back to $150, but this time, the price was rejected immediately, but only to $140, which now became EGLD’s new strongest support.
Finally, on March 14th, the token started another surge that took it beyond $160, and EGLD price managed to stay adobe $160 this time, currently sitting at $162.52.
Whether Elrond will push further up or see another drop in the near future is unknown, but it is likely that this final surge came as a consequence of Ukrainian decision to legalize crypto, which immediately pulled most digital coins towards trading in the green.
To learn more visit our Investing in Elrond guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.