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EGLD price completes the rising wedge pattern with a bearish breakdown from the support trendline. Can the potential downfall revisit the June low of $38?
Key Technical Points:
- The Elrond market price dropped by 4.5% in the past two days.
- Price corrections lead to a drop below the 50% retracement level.
- With a market cap of $1.21 billion, the intraday trading volume of Elrond has increased by 14.46% to reach $35 million.
Past Performance of EGLD
The previous two-month recovery in Elrond (EGLD) prices formed a rising wedge pattern. The bull run marked a record high of $69.3, registering an 80% growth from the $38.38 low. Furthermore, the price turned down from the shared resistance of $69.3, and the resistance trendline triggered another bear cycle within this pattern. Moreover, with the recent upsurge in selling pressure in the market, the altcoin breached the pattern's support trendline. 
Source - Tradingview
EGLD Technical Analysis
On August 18th, the EGLD price gave a bearish breakdown from the rising wedge pattern. Last weekend's retest phase validated the breached support as potential resistance. The evening star candle reversal from the flipped resistance provides an excellent follow-up for further downfall. The EGLD price trading below the downsloping EMAs (20, 50, 100, and 200) reflects an overall downtrend. The RSI slope dove below the midline and sustained well, indicating the market sentiment has flipped to the sellers' side. A significant gap between the bearishly aligned fast and slow line indicates sustained selling in the market. Moreover, this slope about to plunge below the midline gives an extra confirmation for sellers. In brief, the EGLD technical analysis projects a likelihood of sellers extending the ongoing correction below the $50 mark.
Upcoming Trend
The post-retest fall of wedge breakdown should plunge the EGLD price 28% down to hit the June low of $38.38. Contrary to the above assumption, if the buyers manage to push the price above the rising trendline, the bearish thesis will get invalidated. Resistance Levels: $63.6 and $67.4 Support Levels: $49.2 and $45.6