EGLD/USD has weakened from $544 below $230 since November 23, and the current price stands at $270.

The cryptocurrency market remains under pressure this Thursday, Bitcoin went below $48000, and the price of Elrond (EGLD) can weaken even more in the upcoming days.

A platform for the transparent financial system

Elrond is a highly scalable, fast, and secure blockchain platform that offers developers, validators, and businesses to build a new internet economy.

The main features of this platform are massive scalability, security, and flexible tools with clear and canonical documentation.

Elrond supports the most popular programming languages, and the mission of this project is to build a transparent financial system accessible to anyone anywhere.

Developers can quickly start and deploy their application while Elrond enables them to optimize costs, add security & transparency, or discover new business models.

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 and earn token rewards by staking to the network.

The team behind this project consists of experienced entrepreneurs and engineers who believe that blockchain integration should happen only if it creates real value.

Elrond has united forces of an incredibly vibrant community of more than 190,000 people, many important projects already collaborate with Elrond, and the most popular ones include Holochain, Matic Network, Ankr, Crypto.com, and Binance Labs. Ella Zhang, Head of Binance Labs said:

Elrond’s outstanding contributions rest on two foundational building blocks: a novel scaling approach of Adaptive State Sharding and Secure Proof of Stake consensus, enabling fast and secure decentralized networks.

Anybody can become a member of an active Elrond’s community and help to grow the Elrond ecosystem in different countries.

Bears in control of EGLD

Elrond (EGLD) has achieved an impressive gain in a very short period, and it has reached record highs above $540 on November 23.

EGLD is currently down more than 50% from its record highs, and the risk of further decline is still not over.

Data source: tradingview.com

EGLD remains in a bear market, and if the price falls once again below $250 support, the next price target could be around $230 or even below.

The strong resistance level stands at $350, and if the price jumps above this level, it would be a “buy” signal, and we have the open way to the $400.

Summary

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. By owning and staking EGLD token, users gain the ability to vote on upgrades for Elrond and are rewarded with newly minted EGL, proportional to the amount staked.

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