EGLD Technical Analysis: After Correction The Target Is $400
In addition, last week's trading showed that a second test of the $225 range is likely to activate sellers for another fall wave with a target of $150. This mark is a critical point of the EGLD growth scenario. The fact is that on the weekly timeframe you can see a clear growth channel, in which the EGLD price moves from April 2021. After setting a new high in November, buyers with a weekly pin tested the top trend line of this channel. Then in January the test of the lower trend line of the channel took place. Given the situation in the cryptocurrency market, the probability of local correction to the mark of $150 is high enough. However, it is safest to buy EGDL with the first serious target of $400.
Technical Analysis Of EGLD On The Daily Timeframe
Analyzing the movement of EGLD prices on a daily timeframe, we can see a new local growth trend, which is not going to stop yet. On 11 February, we see buyers attack the mark of $225 at increased volumes. Above this mark were the stop orders of sellers. Due to the closure of these orders on the market formed a big pin-up.
Interestingly, after this event, the EGLD price did not begin to fall sharply, as is often the case after false breakdowns of liquidity zones. A small correction of the EGLD price for 2 days at low volumes showed that the way for a new test of $225 is open. The main target of buyers to continue the local growth wave is to keep the mark of $166.
The EGLDBTC Price Is In Reversal
EGLDBTC weekly price timeframe inspires more fear than hope. Sellers managed to break the global wedge down in December 2021. Due to the fact that buyers were able to keep the range of 0.0038, a new growth wave was organized. However, the growth dynamics and trading volumes indicate that there is now a slight rollback before continuing to fall. The next target of the fall is 0.002. Thus, the EGLD price is in a global consolidation, which can be formed throughout 2022. It is too early to say whether this will be a total reversal or just a protracted correction.