Now known as MultiverseX, Here is What Elrond Network Has Been Up to

The month has been marked by a series of significant ecosystem updates for MultiverseX, formerly known as Elrond [EGLD].

Early last month, the company announced its decision to rebrand as a decentralized blockchain network with a focus on the metaverse as MultiversX. It launched three products to that end: xFabric, xPortal, and xWorld.

xFabric is a self-contained blockchain module that is completely customizable. The xPortal app, which has yet to be released, will replace the Maiar app and provide users with access to fiat currency transfers and debit cards. xWorld is a network of interoperable metaverses that has been dubbed the “first Metaverse planet of this new world.”

In addition to this rebrand, Elrond’s native DEX Maiar DEX began its transition into xExchange on December 8 and is scheduled to end on December 10 based on a governance referendum that community members voted on.

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

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

At the time of publication, EGLD was trading at $45.69. Following a turbulent month in November that saw the alt’s price fall by 25%, it has recovered since the beginning of this month and has rallied by 5% in the last nine days, according to CoinMarketCap data.

On a daily basis, the month so far has seen increased EGLD accumulation, putting buyers in command of the market. This was confirmed by the position of EGLD’s exponential moving average.

The 20 Exponential Moving Average (EMA) was above the 50 EMA (yellow) line at the time of writing, indicating the momentum of EGLD accumulation.

The Directional Movement Index (DMI) of EGLD supported this claim. As of this writing, EGLD’s buyers’ strength (green) was 25.16, which was higher than the sellers’ (red) of 18.05.

The Relative Strength Index (RSI) and Money Flow Index (RSI) were both found to be in uptrends above their neutral zones, at 63.86 and 63.54, respectively.

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