EGLD is up by 8% after the network’s latest mainnet upgrade

Elrond is the best performer amongst the top 50 cryptocurrencies by market cap and could cross the $60 mark soon.

EGLD, the native coin of the Elrond blockchain, is the best performer amongst the top 50 cryptocurrencies by market cap. EGLD has added more than 8% to its value in the last 24 hours, outperforming the broader market.

The rally comes as the broader crypto market recovers from yesterday’s slump. The total crypto market cap is closing in on $950 billion after surging by more than 2% in the last few hours.

Bitcoin maintains its position as the leading cryptocurrency and is currently trading at $19,626, up by 2.7% in the last 24 hours.

Ether is also up by more than 3% so far today and is trading above $1,300 for the first time in nearly a week.

EGLD’s rally comes after the Elrond founder and CEO Beniamin Mincu announced a new mainnet upgrade. 

A new mainnet upgrade has been performed and activated, bringing a feature de-sync for NFTs and meta ESDTs.

Maintenance mode has been activated to proactively monitor effects and ensure safety. https://t.co/QXo2NgZc6j

— Beniamin Mincu 🔥 (@beniaminmincu) October 3, 2022

Mincu said a new mainnet upgrade had been performed and activated, bringing a feature de-sync for NFTs and meta ESDTs.

Key levels to watch

The EGLD/USD 4-hour chart is bullish as Elrond has been outperforming the broader cryptocurrency market over the past few hours. The technical indicators show that EGLD is one of the best performers amongst the top coins and tokens.

EGLD/USD Chart By TradingView

The 14-day relative strength index of 78 shows that EGLD could enter the overbought region soon if the momentum continues. 

The MACD line crossed into the positive zone on 30th September and remains there, thanks to Elrond’s bullish momentum.

At press time, EGLD is trading at $52.515 per coin. If the bulls remain in charge, EGLD could cross the $59.31 resistance level over the next few hours.

EGLD could move towards the second major resistance level at $70 for the first time since August if the positive momentum is maintained in the near term. 

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