EGLD price action shows a sideways trend between the $0.93 and $0.128 marks and forms a reversal pattern ready to inflate market value.
Key technical points:
- The EGLD market price has decreased 3.37% over the past 24 hours.
- The price action shows the trendline breakout rally struggling to surpass $60.
- The 24-hour trading volume of Elrond is $93.23 Million, indicating a drop of 12.15%.
Past Performance of EGLD
The EGLD price surpasses the long-running resistance trendline, with the bullish reversal from the $40 horizontal level. Moreover, the reversal comes with a double bottom pattern, with the neckline being $60. The reversal breaks above the resistance trendline but struggles to overpower the selling pressure at the $60 neckline.
EGLD Technical Analysis
Today, EGLD’s price is down by 3.46% and is teasing a tweezer top formation that will drive prices to retest the broken trendline. However, buyers can find closing above $60 as an entry signal to ride the breakout rally. MACD indicator: The fast and slow lines maintain the bullish alignment and approach the zero line. Moreover, the rising bullish histograms indicate an increase in the buying pressure and add points to the theory of bullish breakout. Bollinger Bands: The bullish reversal keeps struggling to surpass the midline, teasing a potential setback to the lower band. RSI indicator: The RSI indicator showcases a jump close to the horizontal line from the oversold zone, reflecting a rise in underlying bullishness. In a nutshell, the EGLD technical analysis suggests the traders wait for the price action confirmation.
EGLD buyers entering at the current market price can get trapped in the retest phase as the price action hints at a reversal. However, traders can expect the post-retest reversal rally to break above $60 and reach the overhead resistance at $75. Resistance Levels: $60 and $75 Support Levels: $50 and $30