EGLD, Elrond Network’s native coin, was able to break free from a falling wedge pattern during an uptrend seen on August 20.
According to CoinMarketCapEGLD trades at $53.58 or up by 0.77% as of the time this article was written.
The coin reached a peak of 16% last month thanks to a powerful bull run by EGLD. The coin’s price has plunged by a staggering double-digit percentage since August.
EGLD seems to follow the same course as the major crypto Bitcoin market that experienced this extreme downswing.
A price increase is usually triggered by an extrication that was spotted near a falling wedge. But is it a sure sign that you should go all in for EGLD or not?
The Potential Downtrend of EGLD
On the daily graph, EGLD’s key indicator shows that the trading momentum is routed in such a way that dispels the belief of a potential bullish reversal.
The RSI of EGLD is bleak because it’s positioned at either 39 or below the 50-neutral area.
More so, the coin’s MFI is set at 35 hinting a downtrend. CMF dynamic is at -0.09, or it’s set below the central line (0.). This suggests a worrying plunge in pressure on the price for EGLD.
The downtrend is further validated by the coin’s MACD positioning which is composed mainly of red histogram bars.
On August 15, 2015, the MACD lines are crisscrossed by the downtrend trend line.
This is a strong indicator of the recent increase in EGLD sales pressure.
Elrond Down in Social Metrics
Since early August, EGLD doesn’t seem to climb significantly in terms of social metrics.
EGLD rose to a new social peak of 0.144% in August 9 but it plummeted quickly by 86%.
Elrond was staked with 13.35 Million EGLD coins in the week just ended. In the week prior, 13,33 million EGLD coin were staked.
Maiar Exchange recorded a 13% decrease in TVL over the last week. The network did not receive any important updates.
As of press time, EGLD’s social dominance is at 0.019% which shows an 86% drop compared to its high seen on August 8.
Since there have been no major updates to the network’s ecology in recent months, progression has been nosediving for several months.
Elrond Network processed 55.29 Million transactions in the last few days. This is a decrease of 5% over 54.73,000,000 transactions that were processed during the week.
Source: TradingView.com| Source: TradingView.com Featured Image from Somag News. Chart by TradingView.com