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Vikram
May 30, 2022
by Vikram

EGLD Technical Analysis: Recovery Ready To Challenge $100 Sellers

EGLD
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

    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

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    Elrond EGLD
    EGLD Technical Analysis: Recovery Ready To Challenge $100 Sellers
    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.

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