EGLD is down more than 1% today despite positive performance in the broader cryptocurrency market.
The cryptocurrency market turned a corner this week after a poor start to the week. The market value has increased by more than 2.5%, and the total market capitalization is now close to $1.25 trillion.
Bitcoin is trading above $30,000 per coin again after gaining more than 3% in the past 24 hours. Ether was able to defend its $1,700 support after rising more than 2% today.
However, EGLD, the native token of the Elrond ecosystem, was one of the worst performers among the top 50 cryptocurrencies by market cap.
EGLD has lost more than 1% of its value in the past 24 hours and is currently trading at over $66 per coin.
The coin has been underperforming since reports that Maiar DEX or SC asynchronous calls could be exploited. The glitch reportedly led some hackers to sell EGLD in exchange for the stablecoin USDC.
EGLD has been under pressure since the report and is currently underperforming the broader market.
Key Levels to Watch
The 4-hours chart of EGLD/USD is currently bearish as Elrond has been underperforming over the past few days. Technical indicators show that EGLD is struggling against the US dollar.
The MACD line is below the neutral zone, indicating selling pressure in the market. The 14-day RSI of 36 indicates that EGLD is currently in oversold territory.
If the bearish trend continues, EGLD could sink below the $62 resistance in the next few hours. Barring continued selling pressure, EGLD should defend the second major support level near $59 in the near term.