en
Back to the list

EGLD Technical Analysis: Recovery Ready To Challenge $100 Sellers

source-logo  cryptoknowmics.com 30 May 2022 08:16, UTC

The EGLD price chart shows a morning star pattern ready to challenge the long-coming resistance trendline as the buying pressure increases. Key technical points:

  • The EGLD market value increased by 18.78% in the last 24 hours.
  • MACD and signal lines retain the bullish alignment
  • The 24-hour trading volume of Elrond is $98 Million, indicating a hike of 99.05%.

Past Performance of EGLD

EGLD market value has been deflating over the past few months under the influence of a highly bearish trendline. The downtrend started after the rounding bottom pattern failed to surpass the $200 mark resulting in a downfall under $100. Since April, the trendline accounts for multiple bearish pushdowns and deflates the market price by 65%. TradingView Chart Source-tradingview

EGLD Technical Analysis 

Despite the ongoing downtrend in the bigger picture, the EGLD price regains bullish momentum near $66, resulting in a morning star pattern. The reversal soars the market value by 25% in two days and prepares a siege to $100 to break above the resistance trendline. The MACD indicator shows the fast and slow lines avoiding a bearish crossover as they re-emerge in a bullish alignment after the recent merger. Moreover, the bullish histogram picks up the pace after a resting phase reflecting a resurgence in buying pressure. Furthermore, there is the Vortex, and DMI indicators display a high possibility of a bullish crossover to certify a trend reversal as the spread between VI and DI lines decreases. In a nutshell, EGLD technical analysis indicates a possible price jump to the $100 mark.

Upcoming Trend

Considering the buyers retain trend control for the rest of the day, EGLD prices will surpass the resistance trendline. The breakout rally will have increased chances of exceeding the $100 mark and potentially ending the downtrend. Resistance Levels: $90 and $100 Support Levels: $75 and $60

cryptoknowmics.com