Elrond Partners with Utrust, Sending EGLD Above $200 Again
EGLD, the native token of the Elrond ecosystem, is trading above the $200 mark again following an exciting partnership with Utrust.
Utrust and Elrond Partner to Explore the Web3 Payments Landscape
The Utrust team announced yesterday that it had partnered with Elrond. The partnership will see the two cryptocurrency companies unite to take over the Web3 payment ecosystem.
Elrond is a high-throughput public blockchain designed to provide security, efficiency, scalability, and interoperability. The blockchain can process over 10,000 transactions per second, with low block times and negligible fees.
Utrust, on the other hand, is a payment integration solution that enables e-commerce businesses to accept digital currencies as a form of payment.
According to Utrust, the partnership with Elrond will enable them to go bigger, faster and better than ever before.
The day has come: Utrust and @ElrondNetwork have united to take over the #Web3 payments landscape.
Today, a new era begins for #crypto payments. We are going bigger, faster, and better than ever before.
Read our announcement here 👉 https://t.co/TMDgvSB0gv pic.twitter.com/DqvbR0h03g
— Utrust (@UTRUST) January 11, 2022
The Utrust team said, “Both teams will start working together immediately, and we will present a public comprehensive roadmap shortly. We will be fully committed to execution, so this will be live and updated at all times.”
EGLD Rallies Following Utrust Partnership
EGLD, the native token of the Elrond blockchain, has been performing excellently since the news of the partnership came out. Over the past 24 hours, EGLD has added more than 6% to its value and is now trading above $205 per coin.
This news served as a positive catalyst for EGLD, which has lost more than 13% of its value since the start of the year. EGLD was previously struggling to top the $200 psychological level prior to this announcement.
EGLD’s technical indicators are still bearish, but they are improving. EGLD is currently trading at $205, below its 50-day moving average price of $274. It would need a massive rally to break past the 50d-day EMA in the short term.
The MACD line remains in the negative zone despite the coin’s current rally. The 14-day RSI of 39 shows that EGLD is slowly moving out of the oversold region.
While EGLD is rallying, UTK, the native token of the Utrust platform, is underperforming. UTK is down by 10% in the last 24 hours and is currently trading at $0.38 per token.