Elrond (EGLD) Builds Bearish Sentiment, Will Price Coil Up To 80 Instead?
26 Agosto 2022 - 9:10AM
NEWSBTC
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) Related
Reading: TA: Ethereum Loses Steam, Why 100 SMA Is The Key For More
Gains Elrond Price Analysis On The Weekly Chart 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 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
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. Related Reading:
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Featured Image From zipmex, Charts From TradingView.com
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