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The EGLD technical analysis displays a falling trend within a bearish channel, leading the market value to the $0.22 mark. The EGLD price action displays a falling trend under the influence of the 50-day EMA leading to a descending triangle breakout. The breakout rally shows potential to reach the $42 mark. But will the intraday growth push the retest phase back above the broken range?
Key Points:
- The Elrond prices show a bull cycle heating up at the support trendline.
- The double bottom can result in a bullish breakout.
- The intraday trading volume in Elrond is $15.44 million.
Source - TradingView
EGLD Technical Analysis
The EGLD price action shows a bearish turnaround from the $67 resistance level ushering a 26% decline in market value to reach the $48 support zone. However, the buyers successfully delayed the $48 fallout with a triangle formation. Additionally, the recent reversal from the EMA results in a bearish breakout. The spike in trading volume supports the breakout candle, but the intraday growth of 2.70% undermines the bearish influence. The bears must push the price back from the broken $48 zone to create higher price rejection and relieve the pressure. If the bearish momentum increases, the EGLD prices will reach the bottom support at $42. However, a bullish reversal in Elrond prices above the $48 support zone will start a bull cycle crossing the psychological mark of $50 to test the resistance trendline.
Technical Indicators
The sideways moving RSI slope below the 14-day SMA shows a bearish inclination reflecting a growing bearish side ready to plunge the EGLD market value. However, the minuscule gap between the MACD and signal lines offers a bullish crossover possibility with a slight jump in buying pressure. The technical indicators maintain a bearish bias. Resistance Levels - $48 and $50 Support Levels - $42 and $30