Elrond is a blockchain protocol that aims to offer very fast transaction speeds by using sharding.
Elrond Development was founded by Benjamin and Lucian Mincu as well as Lucian Todea in 2017 as a solution to the blockchain scalability problem.
Yet Elrond was officially announced in August 2019 and has launched their mainnet in July 2020.
Benjamin who is in charge as CEO to Elrond stated that Elrond’s execution platform is capable of reaching 15,000 transactions per second (TPS) with low transaction fees of around just $ 0.001 per transaction.
Elrond also described the development being done as a decentralized application and blockchain platform for the new internet economy.
The co -founders of Elrond have always been committed as well as working in developing its ecosystem and want to turn eGold or EGLD tokens into storage assets.
As can be seen on the EGLD/USDT chart, the EGLD price movement once showed an increase of over 800% to record the latest all -time high (ATH) at the $ 245 price level on April 12.
Yet towards the end of April and connecting to the May and June markets, the EGLD price movement continued to make a bearish pace until testing the $ 77 support level.
The EGLD price movement pattern appears to be still in a bearish trend and analysts expect the EGLD price to break through the $ 77 support level to continue the downtrend.
The decline is expected to test the lowest support level around $ 55 and may be the level to re -support the price spike or continue to make lower declines.
If the decline in prices continues, the opening level of the 2021 market at the price level around $ 30- $ 40 will be the focus level to test.
If the return movement signals to make a price jump, the resistance trendline will be broken first as an initial indicator before heading to the SBR zone (support become resistance) around the $ 95 price level.
As of 11.30am local time, the ELGD price continued to decline around 4% in the last 24 hours to trade at a price level of around $ 77.
