EGLD, Elrond Network\u2019s native coin, was able to break free from a falling wedge pattern during an uptrend seen on August 20.<\/p>\n
According to CoinMarketCap, EGLD is up by 0.77% or trading at $53.58 as of this writing.<\/p>\n
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.<\/p>\n
EGLD apparently treads the same direction with major crypto Bitcoin that has experienced the extreme downswing that affected the crypto market this month.<\/p>\n
An extrication spotted at a falling wedge usually ticks a spike in price. However, is this surefire sign to go all-in for EGLD?<\/p>\n
EGLD Hints At Potential Downtrend<\/p>\n
On the daily graph, EGLD\u2019s key indicator shows that the trading momentum is routed in such a way that dispels the belief of a potential bullish reversal.<\/p>\n
RSI for EGLD looks bleak as it is positioned at 39 or under the 50-neutral region. <\/p>\n
More so, the coin\u2019s 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. <\/p>\n
The downtrend is further validated by the coin\u2019s MACD positioning which is composed mainly of red histogram bars. <\/p>\n
Since August 15, the MACD line is spotted crisscrossed with the trend line in a downturn. <\/p>\n
This strongly indicates the increase in EGLD selling pressure seen in the past couple of days.<\/p>\n
Elrond Down In Social Metrics<\/p>\n
Since early August, EGLD doesn\u2019t seem to climb significantly in terms of social metrics. <\/p>\n
While EGLD did jump to a social high of 0.144% on August 9, it nosedived real quickly by 86%. <\/p>\n
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.<\/p>\n
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.<\/p>\n
As of press time, EGLD\u2019s social dominance is at 0.019% which shows an 86% drop compared to its high seen on August 8.<\/p>\n
Since there have been no major updates\u00a0to the network\u2019s ecology in recent months, progression has been nosediving for several months.<\/p>\n
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.<\/p>\n
\u00a0<\/p>\n\n
Crypto total market cap at $1 trillion on the daily chart | Source: TradingView.com<\/p>\n
Featured image from Somag News, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
EGLD, Elrond Network\u2019s native coin, was able to break free from a falling wedge pattern during an uptrend seen on August 20.<\/p>\n
According to CoinMarketCap, EGLD is up by 0.77% or trading at $53.58 as of this writing.<\/p>\n
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.<\/p>\n
EGLD apparently treads the same direction with major crypto Bitcoin that has experienced the extreme downswing that affected the crypto market this month.<\/p>\n
An extrication spotted at a falling wedge usually ticks a spike in price. However, is this surefire sign to go all-in for EGLD?<\/p>\n
EGLD Hints At Potential Downtrend<\/p>\n
On the daily graph, EGLD\u2019s key indicator shows that the trading momentum is routed in such a way that dispels the belief of a potential bullish reversal.<\/p>\n
RSI for EGLD looks bleak as it is positioned at 39 or under the 50-neutral region. <\/p>\n
More so, the coin\u2019s 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. <\/p>\n
The downtrend is further validated by the coin\u2019s MACD positioning which is composed mainly of red histogram bars. <\/p>\n
Since August 15, the MACD line is spotted crisscrossed with the trend line in a downturn. <\/p>\n
This strongly indicates the increase in EGLD selling pressure seen in the past couple of days.<\/p>\n
Elrond Down In Social Metrics<\/p>\n
Since early August, EGLD doesn\u2019t seem to climb significantly in terms of social metrics. <\/p>\n
While EGLD did jump to a social high of 0.144% on August 9, it nosedived real quickly by 86%. <\/p>\n
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.<\/p>\n
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.<\/p>\n
As of press time, EGLD\u2019s social dominance is at 0.019% which shows an 86% drop compared to its high seen on August 8.<\/p>\n
Since there have been no major updates\u00a0to the network\u2019s ecology in recent months, progression has been nosediving for several months.<\/p>\n
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.<\/p>\n
\u00a0<\/p>\n
Crypto total market cap at $1 trillion on the daily chart | Source: TradingView.com<\/p>\n
Featured image from Somag News, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-6149","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=6149"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6149\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=6149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=6149"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=6149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}