Is Elrond (EGLD) buy opportunity after the current dip?

Elrond EGLD/USD has collapsed from $214.81 to $85.01 since March 28, 2022, and the current price stands at $87.

Technically looking, EGLD remains in a bear market, but the current price could be a good entry point for long-term investors.

Elrond brings a significant improvement compared to other blockchains

Elrond is a highly scalable, fast, and secure blockchain platform that was designed with the purpose of building a transparent financial system accessible to anyone anywhere.

Elrond supports the most popular programming languages, and it uses the energy-efficient Secure Proof of Stake algorithm.

Secure Proof of Stake algorithm eliminates PoW computational waste and combines eligibility through stake and rating with random validator selection.

Elrond has a strong focus on security, and it is important to mention that Elrond’s solution for smart contracts offers an EVM-compliant engine to ensure interoperability by design. The team of Elrond said:

The Elrond Virtual Machine is a dedicated smart contract execution engine built on WASM. You can write smart contracts in whichever language you’re familiar with, compile them of WASM, and easily debug its WAT human-readable format.

According to its official website, Elrond brings a significant improvement compared to blockchains such as Bitcoin or Ethereum and dramatically increases performance through parallel processing.

Elrond can process hundreds of thousands of transactions per second, with a $0.001 transaction cost, and to interact with this platform, you should use the Elrond eGold (EGLD) tokens.

EGLD tokens allow you to participate in network governance while you can also earn token rewards by staking to the network.

EGLD is currently down more than 60% from the highest price level in 2022; still, Elrond is a very promising project, and the price of EGLD could advance again to the levels that we saw in February 2022.

Technical analysis

During the last several hours, Elrond (EGLD) was a bad performer and technically looking, it still remains under pressure.

The cryptocurrency market continues to lose its value, Bitcoin went below $30000 for a moment, and if you decide to trade this cryptocurrency in the upcoming days, you should consider that EGLD can weaken even more.

Data source: tradingview.com

The current support level stands at $80; $140 and $180 represent the strong resistance levels. If the price falls below $80, it would be a firm “sell” signal, and we have the open way to $70 or even below.

On the other side, if the price jumps above the $140 resistance, the next price target could be around $160.

Summary

Elrond is a highly scalable, fast, and secure blockchain platform that eliminates energy and computational waste while ensuring distributed fairness through a Secure Proof of Stake consensus mechanism. EGLD is currently down more than 60% from the highest price level in 2022; still, Elrond is a very promising project, and the price of EGLD could advance again to the levels that we saw in February 2022.

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