{"id":245606,"date":"2022-07-12T01:00:30","date_gmt":"2022-07-11T19:30:30","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=245606"},"modified":"2022-07-11T17:10:48","modified_gmt":"2022-07-11T11:40:48","slug":"elrond-egld-traders-looking-forward-to-cutting-losses-should-read-this","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/elrond-egld-traders-looking-forward-to-cutting-losses-should-read-this\/","title":{"rendered":"Elrond traders looking forward to cutting losses should read this"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In an <\/span><a href=\"https:\/\/elrond.com\/blog\/jungle-dex-experimental-web3-innovation\/\"><span style=\"font-weight: 400;\">announcement blog<\/span><\/a><span style=\"font-weight: 400;\"> dated 1 July, <\/span><span style=\"font-weight: 400;\">Elrond<\/span><span style=\"font-weight: 400;\">, the scalable smart contract blockchain network, informed its users of the launch of its decentralized exchange (DEX), Jungle DEX. <\/span><a href=\"https:\/\/twitter.com\/SasuRobert\/status\/1543283249035841538?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1543283249035841538%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fambcrypto.com%2Felrond-decoding-reasons-behind-eglds-attempts-to-rally%2F\"><span style=\"font-weight: 400;\">According<\/span><\/a><span style=\"font-weight: 400;\"> to the team, the DEX is \u201cnot just a product launch, but an open door to real, raw innovation.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, Jungle DEX would operate as an automated market maker (AMM) where any Elrond Standard Digital Token (ESDT) could be listed and traded.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since the launch of the DEX, the network\u2019s native coin, EGLD, has been consolidating in a tight range on the daily chart<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h3><b>Price analysis\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Since the launch of the DEX, a gradual increase in buying pressure forced an uptick in the price of the EGLD coin. Between 1 July and 7 July, the price of EGLD rose to a high of $57.08. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The bears, however, quickly initiated a retracement that pushed the coin further downwards. At the time of writing, EGLD was pegged at an index price of $50.13. On a 24-hour window, data from CoinMarketCap revealed a 10% decline in the price of EGLD. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although trading volume saw a 17% uptick within that period, the lack of a corresponding increase in price showed an increasing distribution of EGLD coins at press time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On a daily chart, the Relative Strength Index (RSI)\u00a0 has been positioned below the 50 neutral point since the launch of the DEX. After marking a high of 47.79 on 9 July, the increased sell-off caused the RSI to take on a downward curve. At press time, it was stationed at 40.55.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also indicative of increased selling pressure, since the launch of the DEX, the Money Flow Index (MFI) took on a downward spiral. From 50.21 on 1 July, it touched a low of 36 on 8 July. At the time of writing, it was 50.92.\u00a0<\/span><\/p>\n<figure id=\"attachment_245615\" aria-describedby=\"caption-attachment-245615\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/EGLDUSDT_2022-07-11_08-27-47.png\"><img decoding=\"async\" class=\"wp-image-245615 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/EGLDUSDT_2022-07-11_08-27-47.png\" alt=\"\" width=\"2560\" height=\"1318\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/EGLDUSDT_2022-07-11_08-27-47.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/EGLDUSDT_2022-07-11_08-27-47-300x154.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/EGLDUSDT_2022-07-11_08-27-47-1024x527.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/EGLDUSDT_2022-07-11_08-27-47-768x395.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/EGLDUSDT_2022-07-11_08-27-47-1536x791.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/EGLDUSDT_2022-07-11_08-27-47-2048x1054.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-245615\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h3><b>On-chain performance<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Since the launch of the Jungle DEX, the EGLD coin has failed to register a rally on a social front. Within the period under review, the coin\u2019s social dominance has seen a 33% decline. Also, the social volume has recorded an 80% decline within a similar period.\u00a0\u00a0<\/span><\/p>\n<figure id=\"attachment_245616\" aria-describedby=\"caption-attachment-245616\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.36.33-11-Jul-2022.png\"><img decoding=\"async\" class=\"wp-image-245616 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.36.33-11-Jul-2022.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.36.33-11-Jul-2022.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.36.33-11-Jul-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.36.33-11-Jul-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.36.33-11-Jul-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.36.33-11-Jul-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.36.33-11-Jul-2022-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-245616\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Conversely, the coin logged a 0.5% uptick in its developmental activity within the period under consideration. This growth can be attributed to the launch of the <\/span><a href=\"https:\/\/github.com\/ElrondNetwork\/elrond-go\/releases\/tag\/v1.3.35\"><span style=\"font-weight: 400;\">Elrond-go v.1.3.35.0 <\/span><\/a><span style=\"font-weight: 400;\">upgrade, the launch of <\/span><a href=\"https:\/\/t.co\/VO01swhijk\"><span style=\"font-weight: 400;\">Elrond&#8217;s Dev Hub<\/span><\/a><span style=\"font-weight: 400;\">, and other ecosystem updates within that period.<\/span><\/p>\n<figure id=\"attachment_245617\" aria-describedby=\"caption-attachment-245617\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.42.02-11-Jul-2022.png\"><img decoding=\"async\" class=\"wp-image-245617 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.42.02-11-Jul-2022.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.42.02-11-Jul-2022.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.42.02-11-Jul-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.42.02-11-Jul-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.42.02-11-Jul-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.42.02-11-Jul-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Elrond-EGLD-08.42.02-11-Jul-2022-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-245617\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In an announcement blog dated 1 July, Elrond, the scalable smart contract blockchain network, informed its users of the launch of its decentralized exchange (DEX), Jungle DEX. According to the team, the DEX is \u201cnot just a product launch, but an open door to real, raw innovation.\u201d Notably, Jungle DEX would operate as an automated<a href=\"https:\/\/ambcrypto.com\/elrond-egld-traders-looking-forward-to-cutting-losses-should-read-this\/\">Continue reading <span class=\"sr-only\">&#8220;Elrond traders looking forward to cutting losses should read this&#8221;<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":245618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-245606","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Elrond traders looking forward to cutting losses should read this - 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