Elrond Network Watch: Consider This Before Filling Up Your Wallet With EGLD

Christian Encila

2 years ago

3 mins read

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EGLD, Elrond Network’s native coin, was able to break free from a falling wedge pattern during an uptrend seen on August 20.

According to CoinMarketCap, EGLD is up by 0.77% or trading at $53.58 as of this writing.

It can be remembered that EGLD had a stirring bull run last month that has propelled the coin to a spike of 16%. However, since then, the coin has had a massive double-digit decline this August.

EGLD apparently treads the same direction with major crypto Bitcoin that has experienced the extreme downswing that affected the crypto market this month.

An extrication spotted at a falling wedge usually ticks a spike in price. However, is this surefire sign to go all-in for EGLD?

EGLD Hints At Potential Downtrend

On the daily graph, EGLD’s key indicator shows that the trading momentum is routed in such a way that dispels the belief of a potential bullish reversal.

RSI for EGLD looks bleak as it is positioned at 39 or under the 50-neutral region.

More so, the coin’s MFI is set at 35 hinting a downtrend. The CMF dynamic line is also at -0.09 or set under the central line (0.) which implies a disturbing plunge in terms of pressure on the price of EGLD.

Chart: TradingView.com

The downtrend is further validated by the coin’s MACD positioning which is composed mainly of red histogram bars.

Since August 15, the MACD line is spotted crisscrossed with the trend line in a downturn.

This strongly indicates the increase in EGLD selling pressure seen in the past couple of days.

Elrond Down In Social Metrics

Since early August, EGLD doesn’t seem to climb significantly in terms of social metrics.

While EGLD did jump to a social high of 0.144% on August 9, it nosedived real quickly by 86%.

Some 13.35 million EGLD coins were staked on Elrond in the past week. The week before that, 13.33 million EGLD coins were staked.

More so, Maiar Exchange was able to record a 13% decline in TVL the past week. There were no important updates implemented on the network.

As of press time, EGLD’s social dominance is at 0.019% which shows an 86% drop compared to its high seen on August 8.

Since there have been no major updates to the network’s ecology in recent months, progression has been nosediving for several months.

Elrond Network has processed 55.29 million transactions over the past few days, a 5% decrease over the 54.73 million transactions processed over the last week.

Crypto total market cap at $1 trillion on the daily chart | Source: TradingView.com

Featured image from Somag News, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.