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

Tether has seen little relief from the Elrond’s (EGLD) price as Tether continues its bearish flag trend. 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’s Price Analysis on The Weekly Chart

Weekly EGLD price chart | Source: EGLDUSDT On Tradingview.com

As the chart indicates, Elrond reached its weekly lowest at $40. The price of EGLD rebounded to $57, as the market is unable show any strength in trending higher.

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

The price continues to show very little or no movement; If the weekly chart price of EGLD maintains its current structure, then it may retest the low of $52, which is the trendline support area on the weekly charts.

The resistance level at $60 must be broken. It will enable EGLD’s price to move higher.

Weekly resistance for the price of EGLD – $60.

Weekly support for the price of EGLD – $52.

The Daily (Daily) Price Analysis Chart for EGLD

Chart of Daily EGLD Prices | Source: EGLDUSDT On Tradingview.com

The price for EGLD is currently in a bearish channel. It’s trying to get out of what appears like a prison that prevents the price trending higher. 

EGLD’s price ranged between $52 acting as support and $70 as resistance. To trend higher towards $80, the price of EGLD must break from this range. It should close above $70.

If the price does not break out we may see EGLD retesting its upper range at $70. The trendline support is $52 or lower if there has been a sell-off.

EGLD trades currently at $56, below its 50- and 200 Exponential moving averages (EMA), respectively, which correspond to prices of $65 or $101 and act as resistances to EGLD price.

The Relative Strength Index for the price of EGLD (RSI), is shown below 40 on the daily chart. This indicates a low volume buy order.

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

Source: Tradingview.com| Source: EGLDUSDT On Tradingview.com

The price for EGLD showed a slightly bullish trend lower than the 200 EMA, or $58, which acts as resistance to its price.

To assume bullish sentiment, EGLD must break above 200 EMA. If EGLD fails break above and holds above, the price could retest 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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