EGLD achieves new high amid KuCoin listing and Elrond ecosystem growth

EGLD achieves new high amid KuCoin listing and Elrond ecosystem growth
“The Endeavor Lifts Off” by Trey Ratcliff is licensed under CC BY-NC-SA 2.0
  • EGLD hit a new all-time high of $296 on Sunday.
  • Elrond’s native token got listed on KuCoin.
  • Ledger released a new version of the Elrond Network app.
  • The blockchain surpassed $5 billion in market cap.

JAIPUR (CoinChapter.com) – Despite the cryptocurrency market’s ongoing bearish phase, Elrond’s native blockchain asset secured a new all-time high. The EGLD/USDT pair topped $296.37 on Sunday amid an explosive buying pressure led by EGLD’s KuCoin listing and key Elrond ecosystem growth pointers.

Profit-takers put an end to the pair’s rally soon after assessing overbought conditions. But EGLD still looks primed to run up further higher.

KuCoin Listing

Apart from listing EGLD, KuCoin announced support for listing Elrond ecosystem tokens on its platform.

“Great milestone with Kucoin exchange enabling full support for ESDT tokens, and opening a large opportunity for projects building on Elrond to tap into the huge communities & liquidity offered by them.”

said Elrond founder and CEO, Beniamin Mincu

Bullish daytraders shook off losses and resumed the EGLD/USDT pair’s rally, pushing it up by 14% from $249.91 to $289.23 on Monday. But as of writing, the pair again ran into bearish clutches with sellers cashing in on the KuCoin listing jump.

Related: KuCoin risks losses ahead of 70M KCS token release on Sept 2

Ledger App Release

Hardware wallet firm Ledger’s Elrond app got an upgrade, which contributed significantly to EGLD’s rise to its new all-time high. The said upgrade is said to provide new Elrond ecosystem tinkering opportunities to Ledger wallet users.

“What’s new?

ESDT tokens support

Authentication token support for dApps

Fixes and improvements”

noted Elrond co-fiunder Lucian Mincu

Plus, users of Maiar, Elrond’s native decentralized exchange (DEX), also stand to benefit from the new app version.

“This is major upgrade ensuring great UX and compatibility for all @MaiarExchange users. Kudos to the @Ledger team for their responsiveness and guidance.

continued Mincu

Buyers lapped up the news, pumping EGLD/USDT prices up by 13% from $195 to $224.59 on Friday, which in turn provided the requisite impetus for the ascent to $295.7.

Elrond Achieves $5 Billion Market Cap and Other Pointers

However, the greatest jump in EGLD prices came after Elrond cleared the $5 billion market cap threshold.

The EGLD/USDT pair absorbed the intermittent slowdown in prices that crept in after the rally to $249.11 on Saturday. Supercharged buyers picked up the token pair at the lows near $222 and pushed it up to $295.91, a 25% upward move.
While the above factors played catalysts in EGLD’s ascent to a new all-time high, the token’s availability for US crypto investors provided the launchpad for the explosive run-up since Thursday.

EGLD/USDT Technical Setup

The EGLD/USDT pair looks to trim its gains on the back of rising selling pressure. It is currently testing the lower trendline of the Ascending Channel formed since Tuesday. A break below the said setup could lead EGLD prices down to $219 or $207 (coinciding with the 50-day moving average wave).

EGLD risks dropping to $219
EGLD risks dropping to $219. Source: EGLDUSDT on TradingView.com

However, bulls could soon join the picture after the bears are done with selling overbought relative strength index (RSI) levels. In an upsurge scenario, buyers must close above $314 for the rally to continue further towards $382, which is the short-term upward price target.

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