menuIcon
$ 82,652.1
BTC
$ 82,652.1
-1.33 %
$ 1,821.24
ETH
$ 1,821.24
-2.94 %
$ 0.6708
ADA
$ 0.6708
-3.90 %
$ 603.74
BNB
$ 603.74
-2.12 %
$ 124.67
SOL
$ 124.67
-2.80 %
Vikram
Apr 7, 2022
by Vikram

EGLD Technical Analysis: Buyers Lost 200-day EMA support

EGLD
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.

    TradingView Chart

    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

    Follow us on: News
    Elrond EGLD
    EGLD Technical Analysis: Buyers Lost 200-day EMA support
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

    Top Picks