EGLD Technical Analysis - The Critical Mark Of $225 Is Not Taken
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The basic range of $126 is under the control of buyers. So far, this fact is true, our main scenario is the breakdown of this consolidation upwards with the first target of $277 and the final - $400. The main question is whether sellers will be able to lower the EGLD price to $150 before this growth wave. Though, such a price fall will only increase investors' interest in buying the EGLD cryptocurrency. At this point, the risks to the investment are minimal, while the potential return reaches about 180%.
Technical Analysis Of EGLD On The Daily Timeframe
However, given the prospects for the growth of EGLD cryptocurrency should take into account the level of presence of sellers. During the trading day on 28 March, buyers tried to storm the $225 mark. But, on this day, sellers became more active and closed the daily candle below the opening price. Thus, on high volumes, sellers have shown that so far their strength is enough to prevent the growth trend. Given the fact that after this incident, the dynamics of buyers pressure has significantly fallen, the probability of a test mark of $150 is quite high. However, to be fully confident in this local forecast, sellers first need to break and stay below the $180 mark. Until that happens, the probability of continued growth and $225 re-testing is quite high.
The EGLDBTC Price Is Preparing For A Local Fall
The EGLDBTC price chart tells us about the probability of EGLD cryptocurrency fall by 15-20%. On the weekly timeframes, we see that buyers could not fix above the mark of 0.0045. Trading volumes are low both when the EGLDBTC price falls and when it rises. Sellers are preparing to double-check the strength of 0.0035. In this note, you need to closely monitor the reaction of buyers. In the case of a weak rebound, there is a risk of a strong fall wave with a prospect of 40%. Such a collapse in the EGLDBTC market requires the BTC price to fall below $42,000. In this case, the entire crypto market will go to a new deep correction and by the summer it will be worth forgetting about the new promising growth waves.