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Crypto Rover, a technical crypto analyst, and enthusiast tweeted that it would be risky for traders to open a long position with Elrond (EGLD), citing the tanking prices inside a bullish falling wedge. However, he stated that if his bullish prediction of EGLD hitting $460 were to play out, traders would be rewarded.
Prediction Request 03 – $EGLD
— Crypto Rover (@rovercrc) January 2, 2023
Although pretty risky in my opinion, a good reward if this plays out. pic.twitter.com/ztK7AmS2tT
EGLD opened the market for the week, trading at $33.97, as shown in the chart below. On December 28, EGLD fluctuated in the green and red zone equally. However, on the same day, EGLD hit a maximum of $34.32. After reaching its maximum, EGLD entered the red zone, reaching lower lows gradually.
During its descent deep into the red zone, EGLD tanked to its lowest of $32.39. Although the bulls did not have enough momentum to push EGLD past the red zone, they were able to catapult EGLD from $32.43 to $33.69 within a couple of hours. As of press time, EGLD is up 3.56% in the last 24 hours and is trading at $33.57.
As shown in the chart below, EGLD traded in a falling bullish wedge from mid-September up until early October 2022. Just after EGLD broke from the falling bullish wedge, it gained enough momentum to break the 200-day MA and kept rebounding on it.
Since its breakout in early October, EGLD wasn’t able to break out of the 200-day MA. EGLD finally tested the 200-day MA in December. However, it resulted in a failure as EGLD fell below the 200-day MA instantly after it broke through.
EGLD has touched the upper Bollinger, and the market could correct the prices. The RSI is at 58.76, which indicates that the trend is well set. If the bulls take control of the market EGLD could reach break its immediate resistance (200-day MA) and then aim at resistance 1. (≈ $42).
Contrastingly, if the bears dominate the market, EGLD could tank to Support 1 ( ≈$8).
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