Elrond is a blockchain protocol that uses sharding to provide incredibly fast transaction rates. It aspires to construct the next internet-scale blockchain by creating a high-throughput blockchain.
Elrond employs a secure proof-of-stake consensus mechanism, in which nodes must stake their EGLD tokens in order to participate in the validation process, and each validator is given a rating score based on previous activity, which determines whether or not they are chosen. Elrond has presented “Secure Proof of Stake,” a revolutionary approach to consensus that removes PoW computational waste. It combines eligibility via stake and rating with random validator selection and an optimal dimension for the consensus group. Let us review the EGLD price
EGLD Price Prediction
Bullish Scenario: EGLD is trading above the $151.30 support level. If it remains above this zone and the $181.80 resistance level is broken, we could see a move towards $215.94, $253.60 and above.
Bearish Scenario: Since a few days, EGLD has been in a downtrend channel so we are not out of the bearish territory completely and failure to hold the support at $151.30 could lead to a drop to $126.34, $103.60, and lower.
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