Elrond Coin Looks To Breach $55 Resistance – Is $65 Hittable This Month?
Elrond was rising before leveling off at around $54.40. The EGL
price has recently broken through a key price resistance level,
rising above $56.37. On weekly, biweekly, and monthly time frames,
Elrond has been performing bullishly, based on data
by Coingecko, Thursday. This bullish movement may have been
prompted by recent events. On September 22nd, Opera users who have
enabled the built-in crypto wallet will be able to utilize EGLD.
The market may react to these events by increasing the price. But
will EGLD’s price be able to continue to push above the $55 barrier
– or will that level finally prove to be too much to overcome?
Bulls are eyeing the $65 mark, but even that proves to be a major
challenge. Related Reading: Monero Coin Climbs 6% In Last 3 Days –
Bullish Activities Seen For XMR A Clue To The Puzzle That Is Elrond
The token is trading at $56.19, which is a loss as of this writing.
The recent market action has established a bullish cup and handle
pattern, which should help push prices through the $57.84 barrier,
data from Coingecko show. At the time of writing, both the RSI and
Chaikin’s money flow index show bullish convergence, which is
excellent news for the altcoin as a whole. The momentum indicator,
however, shows that bullish enthusiasm is losing steam. Despite the
construction of a cup and handle, this may be a negative indication
for the market. The 50-day and 100-day simple moving averages
are also providing dynamic support for the potential bull run.
Chart: TradingView EGLD: Bull – Or Bear Run? Now that the
technicalities are out of the way, we can claim that EGLD is
currently slowing down. This may be an indication that a correction
phase will occur in the next days or weeks. With present support
around $54.40 and resistance at $57.80, the bulls have a very
narrow margin of error. The momentum deceleration may propagate to
other indications, compelling bulls to make decisions that will
inevitably exert downward pressure on the coin. The prior rejection
of $57.80 may signify the beginning of a market correction. The
present sideways price trend does not portend well for the token,
particularly in the immediate term. The tight ascending triangle
for the handle of the cup will not aid EGLD investors and traders
in achieving the anticipated relief rally. As of this writing,
bears have seized control of the Elrond market and are creating a
downturn. Traders should focus on the shorter time frames. If the
bears ever gain sufficient momentum, a defense at $51.76 and a
fallback at $46.16 will halt the downturn. Related Reading: Quant
Balloons Over 35% In Last 7 Days Courtesy Of Strong Social Metrics
EGLD/USD pair trading at $57.97 billion on the daily chart |
Featured image from Bankless Times, Chart: TradingView.com
Disclaimer: The analysis represents the author's personal views and
should not be construed as investment advice.
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