The broader cryptocurrency market has been underperforming over the past 24 hours.
The cryptocurrency market has been in a bearish trend over the past 24 hours, with the total market cap down by over $100 billion during that period.
Bitcoin, the leading cryptocurrency by market cap, has lost more than 6% of its value so far today and is now trading below the $40k psychological level again. Ether is also down by more than 4% and continues to struggle below $2,800.
However, ELGD, the native token of the Elrond ecosystem, is the best-performer amongst the top 50 cryptocurrencies by market cap. With the other cryptocurrencies down by more than 3% in the last 24 hours, EGLD has added nearly 2% to its value.
The broader crypto market has lost more than 5% of its value so far today, with EGLD outperforming the market at press time.
The primary catalyst behind EGLD’s rally is that Elrond Network, a Layer-1 blockchain with scalability in mind, acquired Romanian payments firm Twispay. Thanks to this acquisition, Elrond can now issue electronic money in Romania per approval from the National Bank of Romania.
The news of the acquisition has allowed EGLD to outperform the broader cryptocurrency market in the last 24 hours.
Key levels to watch
The EGLD/USD chart is positive as Elrond is performing well. The technical indicators show that it is performing above the other leading cryptocurrencies.
The 14-day relative strength index of 53 shows that EGLD could soon enter the overbought region. The MACD line is above the neutral zone, indicating a strong buying momentum at the moment.
At press time, EGLD is trading at $142.26 per coin. If the bulls remain in control, EGLD could cross the first major resistance level at $155.5 over the coming hours.
However, the second major resistance level at $163 should cap any further upward movement in the short term.