- Elrond price embarked on a 44% rally on August 27 and showed no signs of slowing.
- A decisive daily close above $193.20 could propel EGLD to $213.78
- However, a breakdown of the $133.09 level will invalidate the bullish thesis.
Elrond price has been on an exponential rally over the past week and shows that it has room to expand. However, this could resolve two ways: a breach of the immediate resistance leading to a move higher or retracement that propels EGLD but at a delayed schedule.
Elrond price eyes higher high
Elrond’s price climbed 44% from August 27 to September 1 and is showing signs of continuing this uptrend. However, the resistance barrier at $193.26 will confirm or deny if EGLD will climb or retrace.
A decisive daily close above $193.26 will indicate that the buyers are willing to purchase Elrond at the current price. Such a development will push EGLD to $213.78, roughly a 20% upswing from the current position. In some cases, the uptrend could shatter $213.78 and head straight to $237.34, a 32% advance.
The scenario mentioned above is dependent on the breach of $193.26, but failing to do so will result in a minor retracement to $156.21. As long as EGLD bulls hold above $156.21, there is a high chance Elrond price will continue to slice through barriers until it tags $213.78 or even head to $237.34.
EGLD/USDT 1-day chart
While things seem to be holding up well for Elrond price, a breakdown of the $156.21 support level will indicate that the buyers are falling short and the sellers are taking control. However, a decisive daily close below $133.09 will invalidate the bullish thesis.
In some cases, this could trigger a further downswing that will push EGLD down to $118.76.
Elrond price analysis: EGLD bulls mark 10 percent gain at $271. Is ATH next?
- Elrond price analysis is strongly bullish today.
- The nearest resistance is found at $280.
- The nearest support for EGLD is found at $265.
The Elrond price analysis reveals, the EGLD/USD is highly bullish today. EGLD bulls are on the march towards the all-time high of $281, as Elrond successfully surpassed the resistance of $259, and then in a swift move, jumped above the next higher resistance of $265, aiming for their next target, which happens to be none other than the previous record high at $281.
The broader crypto market is indicating negative sentiment as the king Bitcoin is correcting after hitting the all-time high of $66000. Ethereum has also returned back into the $3900 range. Most of the top coins are also reporting losses over the last 24 hours. However, a handful few are racing, reporting massive gains, with Solana topping the charts with a gain of more than 13 percent.
EGLD/USD 1-day price chart: EGLD eye the all-time high
The 1-day price chart for Elrond price analysis shows a significant gain in price, as the cryptocurrency is trading hands at $270.7 at the time of writing. Overall the Elrond has gained a value of more than 10 percent over the last 24 hours and reports a marvelous 14 percent gain in price value over the course of the last seven days. The trading volume has increased by 36 percent in the last 24 hours, indicating the interest level of traders. The market cap also shows an improvement by 10 percent.
The volatility is again increasing after limiting substantially on 19th October when the Bollinger bands converged sharply but soon started diverging as price took on to steep higher levels. Currently, EGLD/USD price is trading above the upper band, which is present at $264, representing support for Elrond price.
The relative strength index shows some promising results for EGLD/USD as it is on a steep upwards curve at index 63, in the upper half of the neutral zone, and there is enough room left for further upwards movement. The RSI suggests increasing buying activity in the market.
Elrond price analysis: Recent developments and further technical indications
The 4-hour Elrond price analysis shows selling pressure is affecting the price function, as recently, price stepped down from $274 to the current level of $271.7. The price may continue to correct for a few hours before moving up again, as, at this higher point, selling pressure is a natural market phenomenon, as, during the last 24 hours, an uptrend was observed, and now traders may be fearing a pullback.
The volatility is high on the 4-hour chart, and the price has moved below the upper Bollinger band, as can be seen on the chart. Now the mean average of the Bollinger bands at $246 represents the support, and the upper limit at $274 represents resistance for ELDG/USD. The RSI also shows an oversold situation and has taken a downturn, but still is in the oversold region at index 75.
Elrond price analysis: Conclusion
The Elrond price analysis suggests Elrond is highly bullish at this point in time. The selling pressure as observed currently may be overcome by the bulls if Elrond gets enough support from traders, who are into booking profits fearing a short-term pullback. There are ample chances for Elrond to achieve a new record high in the coming hours.
Is Elrond ($EGLD) Ready To Hit $300 Again?
- EGLD is trading at $241.78 with a +17.57% gain in the last 24 hours.
- It keeps on climbing up over the past few weeks.
- On September 14, 2021, it reached its new all-time high of $302.14.
Elrond (EGLD) keeps on climbing up over the past few weeks. On September 14, 2021, it reached its new all-time high of $302.14. Will EGLD reach the $300 level again soon?
The Elrond blockchain protocol aims to provide very fast transaction speeds through sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance, and the Internet of Things. More so, its platform is reportedly capable of 15,000 TPS, six-second latency, and a $0.001 transaction cost.
Also, the blockchain has a native token known as eGold or EGLD. It is used for paying network fees, staking, and rewarding validators.
Recently, it had a lot of partnerships including Copper, a leading digital gateway provider. Also, KuCoin listed EGLD last week. If Elrond keeps on announcing more interesting updates, listing, and partnerships, no doubt it will climb up to $300.
At the time of writing, EGLD is trading at $241.78 with a +17.57% gain in the last 24 hours. If it can perform the same way it did last week with a 37.18% surge, it can surely reach the $300 level.
Elrond Price Forecast: EGLD eyes 20% ascent, but buyers need to hold the line
- Elrond price bottomed at $183.28 and rallied 27% so far.
- A pullback to the 50% Fibonacci retracement level at $218.23 is likely before a new uptrend originates.
- If EGLD fails to hold above $197.77, it will invalidate the bullish thesis.
Elrond price crashed violently after setting up a local top on September 14. The uptrend came to an end as EGLD crumbled uncontrollably for roughly a week. However, the bottom seems to be in, and the altcoin has kick-started a new bull rally.
Elrond price at make or break point
Elrond price dropped 43% after a 127% ascent. While the hemorrhaging appears to have stopped, EGLD rallied roughly 36% so far and is currently heading toward a resistance level at $250.41.
It is possible that the Elrond buyers might continue to push the altcoin higher. However, a retest of the 50% Fibonacci retracement level at $218.23 is likely.
If the buyers make a comeback here, EGLD price will continue the uptrend and make a run at the $250.41 ceiling.
In case of increased bullish momentum, investors can expect Elrond price to shatter $250.41 and take a jab at $266.56. This run-up constitutes a 20% ascent and might not be where the bulls decide to throw in the towel. In a highly optimistic scenario, Elrond price might try to retest the $282.20 hurdle, roughly a 30% advance from the $218.33 barrier.
EGLD/USDT 4-hour chart
While things seem to be going well for Elrond price, a breakdown of the 50% Fibonacci retracement level at $218.33 will indicate a weakness among buyers. If the selling pressure continues to rise from the investors booking profits, EGLD will encounter the $197.77 support floor.
A decisive 4-hour candlestick close below this platform will create a lower low and invalidate the bullish thesis.