menuIcon
$ 99,288.8
BTC
$ 99,288.8
2.33 %
$ 1,967.17
ETH
$ 1,967.17
7.55 %
$ 0.7211
ADA
$ 0.7211
7.11 %
$ 614.65
BNB
$ 614.65
1.61 %
$ 155.03
SOL
$ 155.03
5.54 %
Vikram
Apr 30, 2022
by Vikram

EGLD Technical Analysis: Trendline Fallout Aims $120

EGLD
The EGLD coin price shows a sharp increase in selling pressure overnight, falling below the support trendline and projecting a 10% fall.

Key technical points:

  • EGLD market prices break below $140.

  • The MACD and signal lines continue the downtrend.

  • The 24-hour trading volume of Elrond is $112 Million, reflecting a rise of 35%. 

    • Past Performance of EGLD

    EGLD prices fail to sustain above the 200-day resulting in a downfall from the psychological barrier of $200. The reversal accounts for deflation of 32% last month and breaks below the support trendline and the crucial daily EMAs.

    TradingView Chart

    EGLD Technical Analysis 

    The EGLD price action forms a bearish engulfing candlestick of 8.55% resulting in the support trendline fallout. Moreover, the downfall cracks under the $140 mark with a remarkable surge in selling pressure.

    With the bearish alignment, the falling crucial daily EMAs fail to support the downfall and regain the status of dynamic resistance. 

    MACD indicator The fast and slow lines maintain the negative trend despite avoiding a bullish crossover. In addition, the bearish histograms regain trend momentum, implying an increase in selling pressure.

    RSI indicator: RSI slope showcases a surge in selling pressure as the downturn continues to approach the oversold zone. Furthermore, the 14-day SMA remains under the bearish influence and provides resistance to the RSI slope.

    In a nutshell, the EGLD technical analysis displays a high probability of a fall to the $120 mark.

    Upcoming Trend 

    EGLD coin price action experiences a phenomenal rise selling spree as the price breaks below the support trendline and the $140 mark. Moreover, the EMAs maintain an active resistance status promoting the correction rally. That is why traders can expect the falling prices to reach the $120 mark before finding support.

    Support Levels: $120and $100

    Resistance Levels: $150 and $

    Follow us on: News
    Elrond EGLD
    EGLD Technical Analysis: Trendline Fallout Aims $120
    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.

    Top Picks