Bullish Momentum Brings Triangle Breakout

EGLD coin price surpasses the long-coming resistance trendline resulting in the triangle breakout. Will the breakout rally reach the $200 mark? Key technical points:

  • EGLD prices surpass the $165 mark.
  • The 50-day EMA collapse forecasts a  jump to the 100-day EMA.
  • The 24-hour trading volume of Elrond is $242 Million, marking a 36% rise. 

Past Performance of EGLD

The EGLD coin price surpasses the $160 support level, and the long-coming resistance trendline sabotaged multiple bullish recoveries. The rally comes with the company of the support trendline resulting in the triangle breakout. Furthermore, the rally surpasses the 50-day EMA and heads higher to the 100-day EMA.  TradingView Chart Source-Tradingview

EGLD Technical Analysis 

EGLD coin price shows a recovery of 25% in the past 72 hours resulting in the triple white soldiers’ pattern indicating an uptrend. However, the trendline breakout demands a retest which will bring an excellent entry point.  The rally breaks above the 50-day EMA and heads higher to approach the 100 and 200-day EMA bearish aligned. Moreover, as the buying pressure increases, the 200-day EMA breakout possibility becomes a plausibility.  RSI Indicator: The RSI slope spikes above the 50% mark and ends the downtrend started after the rejection faced at the overbought boundary.  MACD Indicator: The MACD and signal lines diverge to regain the bullish alignment and boost the bullish histogram trend. Hence, the indicator remains highly bullish and projects a boom in buying pressure.  In a nutshell, the EGLD technical analysis shows a rising possibility of a bullish rally continuation. 

Upcoming Trend 

As the buying pressure increases with the triangle breakout, the possibility of EGLD prices surpassing the $200 mark increases. However, closing below the 50-day EMA will nullify the bullish thesis. Nonetheless, the potential target of the bullish rally remains above $200. Resistance Levels: $200 and $225 Support Levels: $160 and $140

Source link

You May Also Like