Connect with us

Altcoin

Now known as MultiverseX, here is what Elrond Network has been up to

Published

on

Now known as MultiverseX, here is what Elrond Network has been up to
Source: Unsplash


  • Elron rebranded as a metaverse-focused project and changed its name to MultiverseX
  • Its DEX, Maiar, also initiated its transition into xExchange

Formerly referred to as Elrond [EGLD], the month so far has been marked by a series of significant ecosystem updates for MultiverseX. 

Early last month, the company announced its decision to move forward under MultiversX and rebrand as a decentralized blockchain network with a focus on the metaverse. To this effect, it launched three products: xFabric, xPortal, and xWorld. 


Read MultiversX’s [EGLD] Price Prediction 2023-2024


All the changes coming to MultiverseX

xFabric is a sovereign blockchain module designed to be fully customizable. xPortal, which is yet to launch, will replace its Maiar app and grant users access to fiat currency transfers and debit cards. Referred to as the “first Metaverse planet of this new world,” xWorld is a network of interoperable metaverses. 

Further to this rebrand, per a governance referendum that community members voted on, Elrond’s native DEX Maiar DEX commenced its transition into xExchange on 8 December and has been scheduled to end on 10 December.

The migration process would include the implementation of new economics, utility, and mechanics for the DEX’s native token, MEX.

 

Also, on 7 December, leading cryptocurrency exchange Coinbase announced support for the network’s native token EGLD, and listed the trading for the EGLD / USD pair.

In case you hold EGLD…

At press time, EGLD exchanged hands at $45.69. Following the turbulent month of November that caused the price of the alt to fall by 25%, it has rebounded since the beginning of this month and has rallied by 5% in the last nine days, data from CoinMarketCap showed. 

Assessed on a daily chart, the month so far has seen increased EGLD accumulation, thereby putting the buyers in control of the market. The position of EGLD’s exponential moving average confirmed this.

At the time of writing, the 20 Exponential Moving Average (EMA) was positioned above the 50 EMA (yellow) line, depicting the momentum of EGLD accumulation.

EGLD’s Directional Movement Index (DMI) lent credence to this position. As of this writing, EGLD’s buyers’ strength (green) at 25.16 rested above the sellers’ (red) at 18.05. 

As for the Relative Strength Index (RSI) and Money Flow Index (RSI), they were spotted in uptrends lying above their neutral zones at 63.86 and 63.54, respectively. 

Finally, its Chaikin Money Flow (CMF) returned a positive value of 0.12 at press time. This meant that buying momentum exceeded the coin distribution rate.

Source: TradingView

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.