January 27, 2023

  • Elron renamed a metaverse-focused project and changed its name to MultiverseX
  • His DEX, Maiar, also initiated the transition to xExchange

Formerly called Elrond [EGLD]The month so far has been marked by a series of major ecosystem updates for MultiverseX.

Early last month, the company announced its decision to continue under MultiversX and change its name to a decentralized blockchain network with a focus on the metaverse. To this end, it launched three products: xFabric, xPortal and xWorld.

Read MultiversXs [EGLD] Price forecast 2023-2024

All the changes coming to MultiverseX

xFabric is a sovereign blockchain module designed to be fully customizable. xPortal, which has yet to launch, will replace its Maiar app and give 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.

Following this rebranding, per a referendum on governance voted by community members, Elrond’s native DEX Maiar DEX started transitioning to xExchange on December 8 and is expected to end on December 10.

The migration process includes the implementation of new economies, tools, and mechanics for the DEX’s native token, MEX.

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

If you own EGLD…

At the time of writing, EGLD switched hands at $45.69. After the turbulent month of November that caused the price of the alt to drop 25%, it has rebounded since the beginning of this month and is up 5% in the past nine days, data from CoinMarketCap showed.

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

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

EGLD’s Directional Movement Index (DMI) lent credence to this position. At the time of writing, the strength of the buyers of EGLD (green) at 25:16 was above that of the sellers (red) at 18:05.

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

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

Source: TradingView

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