- Revolut recently announced its partnership with the Elrond blockchain team.
- The move is a bet on the underlying technology of the EGLD blockchain.
- Following Revolut’s announcement, EGLD’s price has climbed above the 9 EMA.
Revolut, a British fintech and banking firm, is partnering with the Elrond crypto project to bring the blockchain’s native crypto token, ELGD, to its platform.
EGLD will be available to more than 20 million of Revolut’s users in over 30 countries, which is a “tremendous” opportunity according to the Elrond CEO, Beniamin Mincu.
This move is clearly a bet on the underlying technology of the Elrond blockchain, considering its token’s value has plummeted around 90% from its all-time high (ATH) in November 2021. Furthermore, the project’s total value locked (TVL) has dropped significantly as well and now sits at $157 million, according to DefiLlama.
Mincu said in a recent interview that “It’s a huge step forward in making EGLD available to a large audience of people.” He went on to add that “The listing is one thing, but there are other things such as staking and some other features as well.”
Looking at the daily chart for EGLD/USDT, the price of EGLD has risen above the 9 EMA line but was met with sell pressure immediately after doing so. The price rising above the 9 EMA line is not the only crossing event that has happened on EGLD’s chart, as the RSI has also recently crossed above the RSI SMA line, which is a bullish event.
The MACD line is looking to cross above the MACD signal as the histogram gradient turns more positive. This may be a bullish confirmation of a short-term move in EGLD’s price. This bullish thesis will be invalidated if the price of EGLD falls below the daily 9 EMA line.
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