The broader cryptocurrency market underperformed over the past 24 hours.
The cryptocurrency market turned bearish over the last 24 hours, with total market capitalization dropping by more than $100 billion during this period.
Bitcoin, the largest cryptocurrency by market cap, has fallen more than 6% so far today and is trading again below the psychological $40,000 level. Ether is also down over 4% and remains pressured below $2,800.
However, EGLD, the native token of the Elrond ecosystem, is the top performer among the top 50 cryptocurrencies by market capitalization. While most cryptocurrencies have declined more than 3% in the past 24 hours, EGLD has gained nearly 2% in value.
The wider crypto market has lost more than 5% of its value so far today, with EGLD outperforming the market at the time of writing.
The primary catalyst for EGLD’s rally is Elrond Network’s acquisition of Romanian payments company Twispay. Through this acquisition, Elrond can now issue electronic money in Romania with the approval of the National Bank of Romania.
News of the acquisition drove EGLD to outperform the broader cryptocurrency market over the past 24 hours.
Key levels to watch
The EGLD/USD chart looks constructive as Elrond shows strength. Technical indicators suggest it is outperforming other major cryptocurrencies.
The 14-day relative strength index at 53 indicates EGLD could be moving toward overbought territory. The MACD line sits above the neutral zone, signaling strong buying momentum at present.
At the time of writing, EGLD is trading at $142.26 per coin. If bulls maintain control, EGLD could break the first major resistance level at $155.50 within the coming hours.
However, a second major resistance level at $163 is likely to cap further short-term upside.