Here is the reason why the price of multiversx (EGLD) has just shot up

multiversx The price rose strongly when investors reacted to the latest listing at Upbit, one of the leading, crypto exchanges . EGLD jumped to a high of $ 52.01, the highest level since February 21 of this year. Overall, the coin of the lowest level has increased by more than 37 % this year.

Why does multiplex increase?

Multiversx, formerly known as Elrond, is a leading blockchain project that aims to be a good replacement for Ethereum and Solana. His main advantage over Ethereum is that it was one of the earliest Blockchains that adapted the Sharing technology.

Sharding was first implemented by Ziliqa and is a technology that increases the transaction throughput by broken down blocks into smaller parts that are known as Shards. Multiversx is also very inexpensive for users, whereby the average transaction costs are around $ 0.0022.

multiversx was assumed by developers who dapps in industries such as creating defi , not fungable token , and the metaverse, among other things. According to its website, the network has 2.2 million wallets and has completed over 314 million transactions.

The main reason for the increase in the EGLD price is that Upbit has decided to list the coin. This is an important event because Upbit with over 8.6 million customers worldwide is one of the largest stock exchanges in the world.

In most cases we often jump cryptocurrencies after a large marketing. For example, as we wrote here , The price of floki inu climbed this week after it was listed by Binance Us. Historically, these profits are usually only of short duration.

$ egld is now listed @official_upbit The world's first crypto exchange according to Fiat-Volumen and the second largest according to spot volume.

opening of the EGLD trade for over 8.9 million users.

deposits and trade are live on the couples EGLD/Krw and Egld/Btc. https://t.co/r7yumjnat3 rel = "NOFOLLOW NOOPENER" target = "_ blank" href = "https://t.co/we3cfjpaij"> pic.twitter.com/we3cfjpaij

- Multiversx (@Multiversx) 27. April 2023

EGLD price forecast

The daily chart shows that the EGLD price made an interest bullic outbreak after it was listed in Upbit. It moved over the sliding 50-day average and again tested the most important resistance point at $ 52.01. This was an important level because it was the highest point in February.

I therefore suspect that EGLD will go back slightly in the next few days and then resume the upward trend. The last part depends on the performance of other cryptocurrencies such as Ethereum and Bitcoin.

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