EGLD is down over 1% today despite a positive performance from the broader cryptocurrency market.
The cryptocurrency market has turned a corner this week after a poor start to the week. The market has increased its value by more than 2.5%, and the total market cap is now closer to $1.25 trillion.
After adding over 3% to its value over the past 24 hours, bitcoin is once again trading above $30k per coin. Ether was able to defend its $1,700 support level after rallying over 2% today.
However, EGLD, the native token of the Elrond ecosystem, is one of the worst performers among the top 50 cryptocurrencies by market cap.
EGLD has lost over 1% of its value in the last 24 hours and is currently trading above $66 per coin.
Coinage is performing poorly as reports surfaced that Maier DEX or SC async calls could be exploited. The glitch allegedly led to some hackers selling EGLD for the stablecoin USDC.
EGLD has come under pressure since the report came out and is now underperforming the broader market.
prime level to watch
The EGLD/USD 4 hour chart is currently bearish as Elrond has been underperforming for the past few days. Technical indicators are showing that the EGLD is struggling against the US Dollar.
The MACD line is below the neutral zone, indicating selling pressure from the market. The 14-day Relative Strength Index of 36 shows that the EGLD is currently in oversold territory.
If the bearish trend continues, EGLD may decline below the $62 resistance level in the next few hours. Unless there is an extended selling pressure, EGLD should maintain its second key support near $59 in the near term.