cryptoknowmics.com
EGLD coin prices show a bearish reversal from the $214 resistance. Therefore, the dip buyers aim for the support trendline to kickstart a new recovery. Key technical points:
- Ascending triangle pattern governs the EGLD price action.
- The coin price nosedive below the crucial EMAs(20, 50, 100, and 200)
- Finally, the 24-hour trading volume of Elrond is $211.5 Billion, marking a 44.85% rise.
Past Performance of EGLD
On March 14th, the EGLD price rebounded from an upcoming support trendline ($130). As a result, the new bull cycle surged 63.5% and high the monthly resistance zone near $214. However, last week the technical chart projected several higher price rejection candles at the $200 mark, indicating the buyers were exhausted. As a result, altcoin reverted 20% and dropped to the $162 spot. 
Source-Tradingview
EGLD Technical Analysis
The EGLD traders are actively responding to an ascending triangle pattern. The current bear cycle from the $200 resistance is gradually nearing the bottom support trendline. The coin price tags $165 local support and is trying to sustain above it. Due to the recent price drop, the EGLD buyers have lost the crucial EMAs support. As a result, these EMAs line could act as solid resistance levels, indicating the path to least resistance is downward. RSI Indicator: During the recovery rally, the RSI slope tagged the 70% mark on March 24th. However, the indicator showcased lower high formation since then, which eventually led to a dip into bearish territory. In a nutshell, the EGLD technical analysis shows the overall sentiment remains sideways until the coin price does give a genuine breakout from the $224 resistance.
Upcoming Trend
If the EGLD price plunges below the $165 support, the coin price might retest the ascending trendline. The successful bounce back from the trendline would bolster a new bull cycle to push the coin price to $200. Anyhow, a bullish breakout from $225 is needed to confirm the accumulation phase has ended. Support Levels: $164 and $125 Resistance Levels: $183 and $200