Elrond price tilted upwards on Tuesday as the market reflected on the latest network upgrade. It also rose as the UTK price went vertical and reached its highest level since August. EGLD was trading at $53.57, which was the highest level since September 11.
Elrond network upgrade and Utrust performance
Elrond is a leading blockchain project that was among the first ones to adapt the adaptive sharding technology. This is an approach that takes into account the three types of sharding like state, transactions, and network. By so doing, shards are able to communicate with each other and increase the overall throughput.
Elrond also uses other technologies to boost its speed and security. For example, it uses secure proof-of-stake technology that eliminates the computational waste of proof-of-work. It also has the Elrond Virtual Machin that expands the different types of smart contract languages that developers can use.
Elrond price is rising as investors cheer the recent mainnet upgrade that introduced a feature de-sync for NFTs and Elrond Standard Digital Tokens (ESDT). ESDT simply allows developers to launch their own tokens similar to ERC 20.
Learn more about how to buy Elrond.
Elrond price also rose because of the growing ecosystem. According to the developers, there are now more than 1.8 million accounts on Elrond’s network that have done more than 58 million transactions. There are also more than 1.1 million Mair users while the platform has a total value locked of over $402 million.
Meanwhile, EGLD price rose as UTK price went parabolic. The token, which is the native one for Utrust rose by more than 22% in the past 24 hours. Utrust is a fintech company that Elrond acquired earlier this year.
Utrust makes it possible for people to pay at most locations using cryptocurrencies. It has partnered with thousands of merchants who accept these coins.
Elrond price prediction
The daily chart shows that the EGLD price has been in a tight range in the past few days. In this period, it has managed to move slightly above the important support level at $46.41, which was the lowest level in September.
The coin has also moved slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level. Therefore, there is a likelihood that EGLD price will continue rising as buyers target the key resistance level at $69.37, which was the highest point in August.