- 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.