EGLD Technical Analysis: Bullish Momentum Brings Triangle Breakout

Key technical points:

Past Performance of EGLD

The EGLD coin price surpasses the $160 support level, and the long-coming resistance trendline sabotaged multiple bullish recoveries. The rally comes with the company of the support trendline resulting in the triangle breakout. Furthermore, the rally surpasses the 50-day EMA and heads higher to the 100-day EMA. 

Source-Tradingview

EGLD Technical Analysis 

EGLD coin price shows a recovery of 25% in the past 72 hours resulting in the triple white soldiers' pattern indicating an uptrend. However, the trendline breakout demands a retest which will bring an excellent entry point. 

The rally breaks above the 50-day EMA and heads higher to approach the 100 and 200-day EMA bearish aligned. Moreover, as the buying pressure increases, the 200-day EMA breakout possibility becomes a plausibility. 

RSI Indicator: The RSI slope spikes above the 50% mark and ends the downtrend started after the rejection faced at the overbought boundary. 

MACD Indicator: The MACD and signal lines diverge to regain the bullish alignment and boost the bullish histogram trend. Hence, the indicator remains highly bullish and projects a boom in buying pressure. 

In a nutshell, the EGLD technical analysis shows a rising possibility of a bullish rally continuation. 

Upcoming Trend 

As the buying pressure increases with the triangle breakout, the possibility of EGLD prices surpassing the $200 mark increases. However, closing below the 50-day EMA will nullify the bullish thesis. Nonetheless, the potential target of the bullish rally remains above $200.

Resistance Levels: $200 and $225

Support Levels: $160 and $140