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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], theĀ month so far has been marked by a series of significant ecosystem updates for MultiverseX.Ā
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.Ā
Read MultiversX's [EGLD] Price PredictionĀ 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.Ā
Further to this rebrand, per a governance referendum that community members voted on, Elrondās 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 DEXās native token, MEX.
https://twitter.com/MaiarExchange/status/1600868577510559750
Ā
Also, on 7 December, leading cryptocurrency exchange Coinbase announced support for the networkās native token EGLD, and listed the trading for the EGLD / USD pair.
https://twitter.com/CoinbaseExch/status/1600535731956596743
In case you hold EGLDā¦
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.Ā
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 EGLDās 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.
EGLDās Directional Movement Index (DMI) lent credence to this position. As of this writing, EGLDās buyersā strength (green) at 25.16 rested above the sellersā (red) at 18.05.Ā
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.Ā
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.
The post Now known as MultiverseX, here is what Elrond Network has been up to appeared first on AMBCrypto.
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