Because of Elrond [EGLD] shillings and giveaways that have been doing the rounds on Telegram, the crypto asset has registered a surge in its social activity since Oct. 18, data from Holiness claimed. At the time of writing, “Elrond” was ranked third in Santiment’s list of top ten trending crypto words.

Often, the sharp rise in an asset’s social activity can lead to a rise in its price. As Santiment data showed, EGLD’s price reacted positively to the asset’s social peak. During intraday trading hours on October 19, the asset’s price grew somewhat, albeit minimally.

Source: Santiment

Paved with obstacles

Overall, the price of EGLD rose 1.5% during the October 19 trading session. However, the rally was plagued by severe volatility, data from CoinMarketCap showed.

On October 19, EGLD opened the market with an index price of $56.62. Despite the surge in social activity that started on October 18, the price of EGLD hit a low of $55.94 in the afternoon of October 19.

When it hit this low, the bulls started a rally that caused the asset to close the trading day at an index price of $57.43.

According to data from CoinMarketcap, EGLD traded at $57.75 at the time of writing, growing 3% in the past 24 hours.

EGLD on a daily chart

Currently ranked as the #39 largest market cap cryptocurrency asset, the month has been marked by a rally in EGLD growth so far.

In the past 19 days, the price of EGLD has increased by 22%. Investors have taken advantage of this price rally and have started to fill their bags.

The asset’s Relative Strength Index (RSI) broke into the overbought zone on October 10 before rising bear pressure caused it to start a downtrend. However, with the bulls still holding up buying momentum, the RSI was pegged at 68.47 at press time.

On an upward trend, EGLD’s money flow index (MFI) was 61.85 at the time of writing. Also noting the ample presence of bulls in the EGLD market, Chaikin Money Flow’s dynamic line (green) was positioned above the midline at 0.08. In an uptrend, buying momentum picked up at press time.

Towards the end of September, the MACD showed the occurrence of a bullish crossover. So far this month, the indicator has only been highlighted by green histogram bars indicating that the EGLD market is in good hands.

Source: TradingView





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