Why is Elrond up by more than 18% today?

The cryptocurrency market is having a positive start to the new week, with most of the cryptocurrencies trading in the green zone.

The crypto market is in the green zone today after adding more than 5% to its total value over the last 24 hours. At press time, the total cryptocurrency market cap stands above $1.270 trillion.

Bitcoin is trading at $30k once again after rallying by nearly 6% over the last 24 hours. Ether is targeting the $2k resistance level after adding more than 7% to its value so far today.

However, EGLD, the native token of the Elrond ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap. EGLD has added more than 18% to its value in the last 24 hours.

At press time, EGLD is trading at $83.78 per coin. The rally comes after the Elrond team announced that it had made a strategic investment in Cantina Royale.

Cantina Royale is set to build Web3 entertainment for the next billion gamers, powered by the Elrond blockchain. 

Elrond said thanks to this investment, the next billion gamers can tap into exciting entertainment with zero added friction from the crypto side of things.

Key levels to watch

The EGLD/USD 4-hour chart is bullish as the cryptocurrency has performed well over the last 24 hours. 

The MACD line crossed into the positive territory a few hours ago, indicating that the bullish sentiment is strong. The 14-day RSI of 68 shows that EGLD could soon enter the overbought region if the rally continues.

If the bulls remain in charge, EGLD could cross the first major resistance level at $92 before the end of the day. Unless there is an extended bullish performance, the second major resistance level at $114 should cap further upward movement.

However, if the bears regain control of the market, EGLD could drop below the $80 mark over the coming hours. EGLD should comfortably defend its position above the $69 resistance level.

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