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That's why Elrond hit a new all-time high despite the bear market



The total market capitalization of cryptocurrencies has fallen below the $ 2.7 trillion mark, but some coins have done well nonetheless.

The past two weeks have been tough for the broader cryptocurrency market. The prices of most coins have fallen by more than 10% during this period. The total market capitalization of cryptocurrencies has slipped from the recent all-time high of USD 3 trillion.

Elrond (EGLD) is currently one of the top-performing coins on the market and has rebounded more than 60% in the past three days. EGLD hit a new all-time high of $ 545 an hour ago and is up more than 12% in the past 24 hours.

EGLD has rebounded since Elrond launched the $ 1.29 billion liquidity incentive program on Friday. The incentive is intended to accelerate the upcoming launch of Elrond's native Maiar decentralized exchange.

The decentralized exchange will use its utility and governance token - MEX - to transfer the funds. The team said a total of $ 282 million of the amount would be paid out to users of the decentralized exchange in the first month who provide liquidity in EGLD, MEX and USDC.

An overview of important levels

The EGLD / USD 4-hour chart is one of the most bullish in the cryptocurrency space right now. The coin’s MACD line is above the neutral zone, indicating a bullish performance over the past few days. Additionally, the RSI at 77.50 suggests that EGLD is currently overbought.

Despite the broader market, the rally is currently in a bearish trend. If current momentum is maintained, EGLD could rise higher in the coming hours, reaching a new all-time high above the $ 600 mark. Unless there is a prolonged rally in the broader market, the $ 650 mark should limit further upside in the short term.

Following its recent rally, EGLD could easily decline towards the $ 500 mark in the hours ahead. The bears are in control of the broader market and could drop EGLD's value below $ 500 a few hours after crossing that level.

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