MultiversX (EGLD), the native token of the scalable and secure blockchain network, has seen a massive increase in its trading volume and price in the past 24 hours. The altcoin has outperformed both Bitcoin and Ethereum in the same period.
MultiversX (EGLD) is a highly scalable, secure, decentralized blockchain network created to enable radically new applications for users, businesses, society, and the new metaverse frontier.
The EGLD token powers all core network functionalities, such as staking, governance, transactions, smart contracts, and validator rewards.
CoinMarketCap data shows $164M of EGLD traded in 24 hours, up 675%.
This spike in EGLD’s trading volume has positively affected the altcoin’s price, as EGLD currently trades at $47.15. This is a 24-hour gain of more than 20% for the crypto.
Furthermore, the crypto displayed similar performances against the two crypto giants, Bitcoin (BTC) and Ethereum (ETH). At press time, EGLD is up 17.53% against BTC and 17.87% against ETH.
EGLD Breaks Past Resistance Level
EGLD’s price has risen over $44.25, turning it into support. After failing to break the $50 benchmark, the crypto’s price retraced to its present price.
Over the past 24 hours, the 9 EMA line on EGLD’s 4-hour chart has crossed above the 20 EMA line, indicating a short-term bullish cycle for the altcoin.
In addition, traders and investors will want to note that both the 9- and 20-EMA lines on EGLD’s 4-hour chart have likewise crossed over the 50 EMA line.
If EGLD’s price can remain above the $45 level for the rest of today’s trading session, then the altcoin will most likely receive a second pump from the market.
This potential price pump might push EGLD’s price beyond $50 in 48–72 hours.
However, a break below $45 before today’s trading session will cause EGLD’s price to seek support from the recently-flipped $44.25 level. If this level fails to hold, the altcoin’s price will likely pull back to $42.66 in the following days.
About MultiversX
MultiversX solves the two essential difficulties for worldwide adoption: a dialup-to-broadband transition and a major UX paradigm shift. It uses adaptive state sharding to process around 12,500 transactions per second (TPS) on its blockchain network.
It also implements a secure Proof-of-Stake (SPoS) consensus mechanism, which enables network validator nodes to secure transactions and mint new EGLD tokens.
MultiversX is one of the most advanced blockchain designs and most impactful ecosystems in DeFI, NFTs, Web3, and the Metaverse.
It aims to be an accurate Metaverse technology with an epochal impact that could fundamentally reshape most aspects of society as we know it.
MultiversX was founded in 2017 by COO Lucian Todea and brothers Benjamin and Lucian Mincu, who act as CEO and CIO. The platform was launched under the name Elrond in 2017 by a team from Sibiu. After a series of financings in 2019, the EGLD cryptocurrency was issued in 2020.
