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Peter Oleshchuk
May 4, 2022

EGLD Technical Analysis: Situation Is In Favour Of Sellers

EGLD
5 weeks in a row of systematic price reductions, and even without volumes- this is exactly what the EGLD market can boast of during April and early May 2022. The EGLD price has broken the trend line of the black growth channel and stopped at the last critical point from which buyers can impose a struggle. This is in the $125 range. Of course, how the ELGD price has reached this range can not help but worry. The lack of resistance from buyers near the $125 mark and a zero counterattack after the closing of the weekly candle on 25 April tells us that there is no interest in investing in this price range. However, during consolidation, trading volumes near its borders can often lie.

EGLD

However, given the danger of the entire cryptocurrency market collapse, we do not recommend investing much of the deposit in EGLD. If you plan to buy EGLD in the range of $125, the second purchase should be after fixing the price above $227. Just above this mark, buyers will prove that they control the market and are ready to continue to grow with the first target of $430.

Technical Analysis Of EGLD On The Daily Timeframe

TradingView Chart

Analyzing the EGLD price movement on the daily timeframe, you can see a little more positive. For the first time, daily candles from 30 April began to slow down significantly near the critical mark of $125. The trading volumes that sellers tried to push this mark are too small to succeed. Although buyers are not yet actively interested in buying, the 4 May candle has every chance to absorb a few previous candles. And this fact indicates a change in forces in the EGLD market and the possibility of a minimum price rebound to $150.

The final target of EGLD growth within the current fall trend is $168. At the time of writing, this is the main script. An alternative scenario of continuing the downward trend without a local increase in EGLD prices will take effect only after testing the local mark of $110 and fixing the price below $125.

The EGLDBTC Price Screams About Weakness

EGLD

Although the daily timeframe of the EGLDUSDT price movement hints at a possible price rebound, the global picture looks sad. This is also signaled to us by the weekly timeframe of the EGLDBTC price movement. On the chart, we see that after the global breakdown of the wedge down, a consolidation was formed, which is more like a set of positions for a new fall wave. Sellers are not allowed to update local lows, creating a local trend. Until the price is firmly fixed above 0.0035, we do not expect an active phase of growth of the EGLD cryptocurrency.

EGLD Technical Analysis: Situation Is In Favour Of Sellers
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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