- 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.
Elrond Price Analysis: EGLD Coin Price Is Ready To See A Strong Rally
- EGLD coin price has been seeing a strong recovery and can soon see a new high in the future. Meanwhile, it has observed a seen a gain of more than 7%.
- Elrond price technical indicators suggest a downside momentum in the future. Meanwhile, EGLD/BTC pair is also up by more than 6% in the past 24 hours.
Why Invest In EGLD Coin?
EGLD coin price is presently noticing a strong upswing in the asset and can soon see the previous level in the future. Elrond is currently exchanging close to the worth of $308 and has seen a jump of more than 10% in the past 24 hours. The resource has an ROI of 300% which helped different financial backers and individuals before. Elrond network has amazingly quick exchange speed by the sharding strategy utilized by them. EGLD considers itself a mechanical center point for this new period of the new web. Its shrewd agreements execution stage has a speed of 15,000 exchanges each second, six-second inertness, and a $0.001 exchange cost. One can put resources into EGLD according to their requirements and hazard limit.
The asset was launched in 2017 and the main individuals behind the organization are Beniamin and Lucian Todea. The market cap of the coin along with the volume is seeing a strong paced recovery and can soon see a new high in the future.
Technical Indicators Of EGLD Coin Price Suggests A Strong Momentum
EGLD coin price is currently seeing a weak-paced recovery in the weekly chart and can soon see a new high in the future. Meanwhile, on the daily chart, the asset has been seeing a downside trend. The resistance of ELROND can be observed near $350. Meanwhile, the support of the asset can be observed near $250. The price is currently trading in between the 50 and 100 Daily Moving Average, and can soon see a positive breakout in the future. The 100MA line is near $327 making it temporary support of the asset price. If the price of the coin crosses above $350 then a strong rally can be seen. EGLD/BTC pair can also observe a new high in the future
EGLD coin price has been seeing a bearish momentum and can soon see a new high in the future. EGLD/BTC pair can also see a new in the future.
Elrond Price Analysis: EGLD Coin Has Reached A Crucial Support After Displaying V Top Bearish Reversal
On November 23th, the EGLD coin made a New All-Time High of $542. After experiencing intense selling pressure from this level, the coin price dropped faster and plunged to the $300 support. The technical chart shows a clear V-top reversal pattern for coins; however, the battle to reclaim the $300 mark continues.
Key technical points:
- The EGLD coin daily RSI chart shows a significant drop in its value
- The dynamic support 50-day is flipped to a strong resistance now
- The intraday trading volume in the EGLD coin is $301.7 Million, indicating a 51.28% loss.
Source- EGLD/USD chart by Tradingview
The last time when we covered an article on EGLD/USD, the coin price breached a significant resistance level of $300. After taking its sweet time to sustain above this level, the coin initiated a significant rally, making a new ATH of $542.
Later, the coin faced strong rejection from this new resistance and began a bearish reversal that dropped the price 44% to the same support level of $300.
Furthermore, the coin price is still trading above-trend defining 100 and 200 EMA, indicating a bullish alignment. Moreover, the 50 EMA line that previously provided strong support to the price is reversed to serve as resistance. The Relative Strength Index(46) showed a striking drop in its value concerning the coins price action.
EGLD/USD 4-hour Time Frame Chart
Source- EGLD/USD chart by Tradingview
On December 4th, the crypto was hit by a sudden sell-off that shattered important support levels for many cryptocurrencies. But, unlike the other crypto coins, the EGLD price held above the $300 mark, displaying a long wick candle. As of today, the sellers are still fighting to reclaim this bottom level.
According to traditional pivot levels, the crypto traders can expect the nearest resistance at $353, then $448. As for the opposite end, the support levels are $292 and $200.
Elrond price analysis: EGLD price recovers to 326 gaining 17 percent
- Elrond price analysis is bullish today.
- Resistance for EGLD is present at $345.
- Support is present at $318.
The Elrond price analysis is bullish for today as the bulls have covered an upwards range. Today’s bullish momentum is healthy as EGLD has gained significant value overnight. Overall the price trend line is still downwards, as the price peaked at $491 on 22nd November, and the coin started to decline from 23rd November. The bearish slide has cost EGLD $165 in price value since then. However, the EGLD is near the $309 strong support zone if observed over the larger picture and has been lifted before reaching this level.
EGLD/USD 1-day price chart: Coin recovers after swinging horribly low
The 1-day price chart for Elrond price analysis shows the coin price has increased significantly today as it is trading at $326.3 at the time of writing. The overall downwards trend line still persists, and EGLD swung excruciatingly low towards the $211 range yesterday during the market drop, but the price capped at $309 yesterday, setting a lower low for December.
The EGLD/USD traded in a range of $293 to $333 today, reporting a 17.56 percent increase in price value over the last 24 hours, but losing more than 23 percent over the past week, as the overall trend is still downwards and hasn’t been reversed yet. The trading volume has increased by 3.49 percent over the last 24 hours, and the market cap has increased by 18.97 percent for the same time resulting in the market dominance of 0.28 percent for Elrond.
The volatility is quite high as the Bollinger bands are expanded wide with the upper band at the $498 mark, and the lower band at the $273 mark represents support for EGLD, the average of the Bollinger bands at the $385 represents resistance for EGLD. The relative strength index (RSI) is trading at index 43 on an upwards slope indicating the buying activity in the market.
Elrond price analysis: Recent developments and further technical indications
The 4-hour price chart for Elrond price analysis shows the price breakout was downwards at the start of today’s trading session, but bulls took over the price function swiftly and started the upwards rally. However, at this point, EGLD is feeling some pressure as the price is near the average line of the Bollinger bands, which represents the resistance for EGLD at the $331 mark.
The pressure is also obvious from the RSI curve as well as it flattened out first and is now slightly downwards. However, the bulls are also fighting back and may take the lead in the coming hours. The moving average is also trading far below the price level at the $306 mark, and the volatility seems high on the 4-hour chart as well.
Elrond price analysis: Conclusion
The Elrond price analysis shows the bulls have been maintaining their lead successfully since the second half of yesterday’s trading session. The coin recovered well from the market crash, but the overall downtrend still dominates over today’s bullish momentum. For EGLD to break out of the bearish slide, the RSI must go near index 60 so that an upward trend can be restored.