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

Despite what might be called an outperforming performance, EGLD was trading at $88.08 at the time of this release, having fallen 10.84% ​​in the past 24 hours. A significant retracement after hitting a 24-hour high of $103.50. Despite the latest rally, the cryptocurrency is still trading at a significant discount. It peaked at $544 in November 2021, meaning it is currently trading at an 82% discount.

Source: TradingView

EGLD’s MFI indicator shows that there has been strong accumulation since then after the cryptocurrency dived into oversold territory. The -DI line in the DMI indicator registered a sharp change in direction in favor of the downtrend. This indicates that the bears lost momentum as the price fell below $80.

A look at what’s happening in the chain

EGLD’s native blockchain Elrond has grown rapidly as a smart contract chain supporting NFTs. However, NFT trading volumes have fallen after a massive volume surge in early May. This is probably because the NFT market took a hit during the last bear run.

Whale metrics supply registered a notable decline since the beginning of the month. It recently hit its lowest point in the past four weeks as the market bottomed out. However, between May 16 and 17, it registered a notable gain, contributing to EGLD’s upside.

Source: Santiment

Despite the headwinds in the market, Elrond maintained a healthy level of developer activity. That activity supported several developments that have taken place in recent days. For example, the blockchain project recently announced that it is integrated with Trust wallet. This means that users can now transfer assets from Elrond natively to and from the Trust wallet, giving users flexibility.

Moreover, the last few saw Elrond also announce that AnChain AI is the next generation of AML analysis on his network. The development was described as a positive step for Elrond to achieve high standards of fraud prevention and compliance.

Such an important milestone will pave the way for public and institutional adoption. The announcements may have played an important role in the latest recovery of the EGLD and have the potential to contribute to its long-term value.





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