Home Analysis Here’s why MultiversX (EGLD) price just jumped

Here’s why MultiversX (EGLD) price just jumped

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Multiverse X Prices surged as investors reacted to the latest listing of one of the big names, Upbit. crypto exchange. EGLD surged to $52.01, its highest since February 21st of this year. Overall, the coin has risen more than 37% from its lowest level this year.

Why is MultiversX soaring?

MultiversX, formerly known as Elrond, is a leading blockchain project aiming to be a superior alternative to Ethereum and Solana. A major advantage over Ethereum is that he was one of the earliest blockchains to employ sharding technology.

First implemented by Ziliqa, sharding is a technology that improves transaction throughput by splitting blocks into smaller pieces called shards. MultiversX has an average transaction cost of about $0.0022, making it very cost effective for users.

MultiversX is being adopted by developers creating dApps in industries such as: DeFi, Non-fungible token, Especially the metaverse. According to its website, the network has over 2.2 million wallets with over 314 million completed transactions.

The main reason for the EGLD price surge is Upbit’s decision to list the coin. This is a big event as Upbit is one of the largest exchanges in the world with over 8.6 million customers worldwide.

Most of the time, cryptocurrencies often skyrocket after listing on major exchanges.For example, as we wrote here, The price of FlokI Inu surged this week after being listed on Binance US. Historically, these gains tend to be short-lived.

EGLD Price Prediction

The daily chart shows that EGLD price made a bullish breakout after listing on Upbit. It has broken out of the 50-day moving average and retested the key resistance at $52.01. This was his February high, so it was an important level.

Therefore, we expect EGLD to retreat slightly over the next few days before returning to a bullish trend. The last part depends on the performance of other cryptocurrencies such as Ethereum and Bitcoin.

How to buy Multiverse X

binance

Binance is one of the largest cryptocurrency exchanges in the world. Suitable for more experienced investors, with over 600 cryptocurrencies to choose from. Binance is also known for its low trading fees and multiple trading options that users can benefit from. Peer-to-peer trading, margin trading, spot trading.

Buy EGLD now on Binance

OKX

OKX is a top cryptocurrency exchange offering over 140 cryptocurrencies for investment. OKX takes customer security very seriously, keeps almost all customer funds in cold storage, and the exchange has not yet been hacked. In addition to this, the exchange offers very low fees and customers can even use crypto as collateral for loans on the platform.

Buy EGLD now on OKX

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