EGLD Technical Analysis: Supporting Trendline Brings EGLD Buyers Back

Key technical points:

Past Performance of EGLD

EGLD coin price shows a double bottom breakout after a downfall of 25% from $200 to reach the $150 mark. The rise /in the underlying bullishness forms a double bottom pattern near the psychological level and skyrockets after finding support at the ascending trendline. The rally inflates the coin price by 1% in the last three days and breaks above the $160 mark to challenge the 50-day EMA.

Source-Tradingview

EGLD Technical Analysis 

EGLD coin price the double bottom breakout rally struggling to surpass the selling at $165 as it shows higher price rejection. Hence, the likelihood of a reversal to retest the $160 level is increasing.  

The crucial daily EMAs (50, 100, and 200) maintain a bearish alignment with the 50-day EMA, acting as the first line of attack against bullish growth. However, the post-retest rally could surpass the 50-day EMA easily if successful.

RSI Indicator: The RSI slope moves sideways along the halfway line after the consolidation breakout in the nearly oversold zone. And the lack of divergence promotes the idea of bullish continuation.

MACD Indicator: The falling distribution in the bearish histograms joins the reversal in MACD and signal lines as they give a bullish crossover. However, the rise of bullish histograms will provide an extra edge. 

In a nutshell, the EGLD technical analysis highlights a possible bullish continuation above the 50-day EMA.

Upcoming Trend 

EGLD coin price experiences a surge in underlying bullishness as the buyers regain trend control near the ascending trendline. Hence, the 50-day EMA breakout will light a bullish entry signal with a potential rally to the 100-day EMA at $180. Moreover, if buyers sustain trend control above the 100-day EMA, a jump to $200 is inevitable.

Support Levels: $160 and $150

Resistance Levels: $180 and $200