Elrond: Credits for EGLD’s over 30% recovery on the charts goes to…

ambcrypto.com:

The latest strike by the market bears left a significant impression on tokens and investors alike. Amidst the bear run and market-wide crash, EGLD dipped as low as $72.02 last week. However, the cryptocurrency delivered showed some positive performance this week after rallying by more than 30% from its previous week’s low.

Despite what can be called a better performance, EGLD traded at $88.08 at the time of this press, after a 10.84% drop in the last 24 hours. A significant retracement after achieving a 24-hour high of $103.50. The cryptocurrency is still trading at a sizable discount despite its latest rally. It peaked at $544 in November 2021, which means that it is currently trading at an 82% discount.

Source: TradingView

EGLD’s MFI indicator reveals that strong accumulation took place ever since after the cryptocurrency dipped into oversold territory. The -DI line in the DMI indicator registered a sharp directional change in favor of the downside. This indicates that the bears lost their momentum when the price dropped below $80.

EGLD’s native blockchain Elrond has been rapidly growing as a smart contract chain that supports NFTs. However, its NFT trades volumes has been declining after a massive volume uptick at the start of May. This is likely because the NFT market has taken a hit during the latest bear run.

The supply held by whales metric registered a notable drop since the start of the month. It recently reached its lowest point in the last four weeks as the market bottomed out. However, it did register a notable uptick between 16 and 17 May, and this contributed to EGLD’s upside.

Source: Santiment

Elrond maintained healthy levels of developer activity despite the market headwinds. That activity supported various