cryptoknowmics.com
On Feb. 7, the price of Elrond (EGLD) surged to more than 30% to a new all-time high of over $130. The current market capitalization of the cryptocurrency has exceeded over $2 billion, according to Coinmarketcap.com.
Last Week Trends
The past week has been phenomenally good for EGLD (Elrond). EGLD has undergone one of the biggest rallies in the past 48 hours. As of February 10, 2021, EGLD closed at $176.22. The opening price of EGLD was $67.95 on February 4, 2021. The price has grown by approximately 160% in the past week.
In the last 24 hours, the EGLD price has been fluctuating between $162.50-$202.22. The massive surge in the EGLD price can be attributed to the blockchain startup Elrond Network’s launch of the Maiar application. It is an electronic wallet similar to Paypal, Google Pay, etc.
https://www.tradingview.com/x/jNlwNGxA
EGLD on a Bullish Divergence
Currently, EGLD is trading at $185 – a 5% increase from the opening price of $176.34.
The price is presently trading above the SMA and EMA lines. Thus, the market looks positive. The AO indicator is positive too. Thus, it is a good time to go long. Buying pressures are gradually increasing.
The RSI indicator is at 76% and has gone into the ‘overbought’ territory. Thus, whales are buying EGLD on a large scale. Price adjustments can be expected soon. The RSI will start falling when price corrections start occurring. Swing traders can soon expect opportunities to go short.
The MACD and signal lines are positive. A bullish crossover by the MACD line over the signal line indicates that market momentum is bullish. So, we can expect the price to rise further.
The A/D indicator has steadily risen in the past 24 hours. Thus, whale accumulation is high. The OBV line is gradually rising too. However, the price has dipped. There is bullish divergence here. The price pullback is temporary. We can expect the price to resume its upward movement soon.
The ADX line is rising too. Thus, the bullish momentum is strong. The EOM indicator is also rising implying that the price can rise with relative ease.
Thus, all indicators are pointing towards a bull-run with minor price adjustments intermittently. Currently, the price is trading above the Fibonacci pivot point of $180.07. The uptrend is strong if the price goes above the first and second Fibonacci pivot resistance levels of $195 and $204 respectively, by today.
Presently, it is close to the 50% FIB retracement level of $182. The bullish trend will resume as soon as the price breaks out of the 38.2% FIB retracement level of $186.6. If it goes past the 23.6% FIB retracement level of $192.3 by the end of the day, then the bullish trend will continue tomorrow as well.