The ideal scenario for continued EGLD price growth is a re-test in the range of $220-$240. In this case, market participants will make sure that this range is interesting to buyers and their plans for growth with the first target of $510 is still valid. However, breaking and fixing the price below the $220-$240 range with a few weekly candles will mean the end of the growth wave. The first target of sellers in this scenario is around $150. Based on the results of the rebound of the EGLD price from this mark, it will be possible to conclude whether the fall wave has ended or it is just a short stall.
However, if you look at the situation in the EGLD market in the daily timeframe, the situation does not look so deplorable. After breaking the local critical point of $275 up, buyers slowed down the pressure on the price, and the initiative was intercepted locally by sellers. But, at the moment, the correction of the local growth wave from 21 September is within the norm. A critical situation will arise if buyers lose control of the $275 mark. And while the price is above this mark, the EGLD price moves at the top of the trend channel, which characterizes the strength of buyers. The first local target of buyers when keeping the $275 mark is in the $360 mark. While trading volumes are low, the issue of accelerating the trend without deep correction is irrelevant.
Given the fall of the BTC price since 15 November, the EGLD cryptocurrency is quite well afloat. This is due to the good position of buyers in the EGLDBTC market. While the situation in the cryptocurrency market is not the best, buyers keep the EGLDBTC price in consolidation. This position indicates the willingness of buyers to start the impulse, but when the market is favorable. Keeping the BTC price above $60,000 will be a good signal for EGLD buyers to take action. Given that EGLD has recently been the cryptocurrency of the pedestrian echelon of growth, we expect good price movements by the end of the year.