- Elrond’s price has surged more than 20% in the past 24 hours, reaching a new record high of $492
- Network growth could drive further adoption and push EGLD higher
- The launch of Maiar DEX is one of the biggest recent developments for Elrond
Elrond (EGLD) is trading above $490 as bulls attempt to break the psychological $500 level. A strong rally has seen the native EGLD token climb more than 20% over the past 24 hours and rise over 53% during the past week.
As the token approaches a new all-time high, crypto analyst Brad Laurie suggests this may only be the beginning for Elrond’s price action.
He noted that the impressive performance over the last week could be just a precursor to further gains, given the potential for increased network activity and adoption. A wave of startups building on the dynamic proof-of-stake network could fuel this growth, he said shortly before EGLD topped $480.
If you think $EGLD 's price growth is impressive, wait until you see what happens with many startups/tkns coming to their platform! They have so many big influencer backers, many exchanges, certain #crypto VCs, media agencies, & other launchpad networks etc, all supporting them.
— Brad Laurie (@Brad_Laurie) November 22, 2021
Earlier this month, analyst Ali Martinez said Elrond was “in price discovery,” noting that continued momentum above the support zone near $303–$296 would likely push the token to a new record around $440, and that there was a strong chance EGLD could establish a new all-time high near that mark.
The move followed a breakout from a rising triangle pattern, and the upside could extend to the 200% Fibonacci retracement level, which would point to EGLD price targets approaching $500.
$EGLD in price discovery mode! 🚀
As long as #Elrond holds above the $303-$296 support zone, there is a high probability #EGLD will rise to a new all-time high of $440. pic.twitter.com/G7y7enlwQu
— Ali Charts (@alicharts) November 4, 2021
Another analyst notes that Elrond’s recent upside mirrors the price path of Avalanche (AVAX), which has been among the best-performing cryptocurrencies in recent weeks.
Elrond’s price gained fresh momentum after Friday, November 19, when the Maiar DEX went live. The exchange is a comprehensive platform poised to transform the DeFi ecosystem with significant scalability. The community was further energized by the announcement of an incentive program for liquidity miners valued at $1.29 billion. Liquidity providers stand to benefit by staking their EGLD, MEX tokens, or USD Coin (USDC).