Elrond (EGLD) Builds Bearish Sentiment, Will Price Coil Up To 80 Instead?

Elrond (EGLD) Builds Bearish Sentiment, Will Price Coil Up To 80 Instead?

The price of Elrond (EGLD) has shown little relief bounce against Tether as it continues to range in its bearish flag pattern. Although relief bounces are shown by other cryptocurrencies across the market, with some double-digit gains, Elrond’s price has struggled to crack those gains. (Data from Binance)

Elrond Price Analysis On The Weekly Chart
Weekly EGLD Price Chart | Source: EGLDUSDT On Tradingview.com

From the chart, the price of Elrond saw its weekly bottom at $40, and the price of EGLD bounced from that region to a price of $57 on the weekly chart as the price is unable to show much strength to trend higher.

EGLD weekly candle closed with a bearish sentiment, with the new week’s candle looking indecisive. 

The price has continued to show little or no traction; If the price of EGLD on the weekly chart maintains this structure, it could retest its low of $52 as this is the trendline support region on the weekly chart.

For the price of EGLD to trend higher, it needs to break the resistance at $60 with a good volume to have a go at higher prices and double gains.

Weekly resistance for the price of EGLD – $60.

Weekly support for the price of EGLD – $52.

Price Analysis Of EGLD On The Daily (1D) Chart
Daily EGLD Price Chart | Source: EGLDUSDT On Tradingview.com

The price of EGLD has found itself ranging in a bearish flag channel, trying to break out from what looks like a cage preventing the price from trending higher. 

EGLD has found its price ranging between $52, acting as support, and $70 acting as the resistance for the price of EGLD. The price of EGLD needs to break out of this range and close above the $70 mark to trend higher to a region of $80.

With more buy orders and volume, we could see EGLD retesting the upper range of $70 if the price fails to break out, going a retest of trendline support at $52 and lower if there is a market sell-off.

EGLD is currently trading at $56, just below the 50 and 200 Exponential Moving Average (EMA), which corresponds to prices of $65 and $101, acting as resistances for EGLD price.

On the daily chart, the Relative Strength Index (RSI) for the price of EGLD is below 40, indicating a low volume of buy orders.

Daily (1D) resistance for EGLD price – $60-$70.

Daily (1D) support for EGLD price – $52.

Price Analysis Of EGLD On The Four-Hourly (4H) Chart
Four-Hourly EGLD Price Chart | Source: EGLDUSDT On Tradingview.com

The price of EGLD has shown a little bullish trend below the 200 EMA price, which correspond to $58, acting as resistance to the EGLD price.

EGLD needs to break and hold above the 200 EMA to assume its bullish sentiment; if EGLD fails to break and hold above, we could see the price retesting its support levels at $52. 

Four-Hourly (4H) resistance for EGLD price – $60-$70.

Four-Hourly (4H) support for EGLD price – $52.

Featured Image From zipmex, Charts From TradingView.com 

 

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