MultiversX (EGLD): Is its price getting a boost from Tencent partnership?
The price of the Layer1 project MultiversX (formerly Elrond) is nudging its way toward the top of the top 100 altcoins, up 11%.
The price of the Layer1 project MultiversX (formerly Elrond) is nudging its way toward the top of the top 100 altcoins, up 11%.
The price of MultiversX topped the gainers list and is performing well this week. The move comes as it gains from a listing on the Korean crypto exchange Upbit. MultiversX, or Elrond, is a highly scalable decentralized Layer1 blockchain. It aims to make applications easily accessible to users, businesses, society, and the metaverse. To that end, the crypto project entered into a partnership with Chinese tech giant Tencent Holdings on February 16.
With this good news, MultiversX is pushing toward the 2023 high: just below $55.00. If EGLD can push to a new high and break the level of $55.37, investors will be eyeing the area around the November 2022 high of $61.60.
Only if this resistance level is broken can the next hurdle be the resistance zone at $69.53. If the EGLD price fails to break above the $49.01 resistance again, a move down toward $37.59 is not out of the question.
