Signal price

Elrond Price Analysis: EGLD bulls need to avoid this phase of consolidation above the previous range

  • Elrond price is still hesitant to hold above the consolidation phase on the daily price chart.
  • EGLD Crypto is trading above 20 and 50 EMA, but the crypto asset is still behind the 100 and 200 day daily moving average.
  • The EGLD/BTC pair is at 0.002713 BTC with an intraday decline of 0.79%.

Elrond’s coin is expected to rise if the company continues to focus on building the platform’s reliability and cross-chain capability. By increasing the price of the EGLD token, Elrond seeks to build capacity and build momentum in an upward trend on the daily chart. The price of EGLD coins is trying to follow a rapid upward trend on the chart, but EGLD currently needs to attract additional buyers. To get here, however, the token had to ride a thrilling roller coaster. The token first entered a symmetrical triangular pattern before being rejected from it and getting stuck inside the descending triangular pattern. However, the EGLD currency is currently consolidating above the range.

Elrond’s price is currently CMP at $66.06, its market cap has gained 1.16% in the last 24 hours. During intraday trading, the number of transactions decreased by 4.81%. This shows how the bears are trying to bring the token back inside the consolidation phase and the bulls are struggling to hold the token’s position above the horizontal range. The volume to market capitalization ratio is 0.02928.

Elrond coin price aims to strengthen the bulls and develop strong upside momentum on the daily chart. Elrond’s concept would be creative, exciting and full of possibilities. After reaching an all-time high of $558 in November 2021, the price of the EGLD token has been declining since the start of 2022. The current price range of the token, however, is between $46.50 and $65.00. Meanwhile, the continued declining volume indicates that the EGLD cryptocurrency has fallen back into the consolidation period.

Will EGLD bulls be kept or will they be detained?

On the daily chart, the token shows some intriguing patterns. When short sellers trapped the token, the EGLD cryptocurrency first followed a symmetric triangular pattern before entering a descending triangular pattern. Then EGLD was able to gather support and got caught in a period of consolidation, where it has been trading since June 21, 2022.

The price of EGLD coin is increasing throughout the daily chart. It will take some time to see if the bulls will maintain their current level or decline. When the ELGD coin crosses the upper trendline of the consolidation period, there are technical signs indicating a sustainability issue.

The momentum of the EGLD coin in the downturn is displayed by the relative strength index. The RSI is at 58 and moving in the direction of neutrality. The consolidation phase of the EGLD crypto can be seen in the MACD. Despite a smaller lead, the MACD line is ahead of the signal line. Investors in EGLD should wait for the bulls to hold at the top of the consolidation phase price range.

Conclusion

Elrond’s coin is expected to rise if the company continues to focus on building the platform’s reliability and cross-chain capability. By increasing the price of the EGLD token, Elrond seeks to build capacity and build momentum in an upward trend on the daily chart. The price of EGLD coins is trying to follow a rapid upward trend on the chart, but EGLD currently needs to attract additional buyers. To get here, however, the token had to ride a thrilling roller coaster. Meanwhile, the continued declining volume indicates that the EGLD cryptocurrency has fallen back into the consolidation period. When the ELGD coin crosses the upper trendline of the consolidation period, there are technical signs indicating a sustainability issue. Investors in EGLD should wait for the bulls to hold the top of the consolidation phase price range.

Technical levels

Support levels: $64.45 and $60.00

Resistance levels: $69.00 and $70.50

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.