Elrond was increasing before it stopped at $54.40. Recent price breaks have seen the EGL rise above $56.37.
On weekly, biweekly, and monthly time frames, Elrond has been performing bullishly, based on data by Coingecko, Thursday.
Recent events may have prompted this bullish trend. Opera users that have enabled the built in crypto wallet on September 22nd will be able access EGLD. These events may cause the market to react by raising its price.
But will EGLD’s price be able to continue to push above the $55 barrier – or will that level finally prove to be too much to overcome? Bulls have their sights set on the $65 mark but that is proving to be difficult.
One Clue to the Puzzle that Is Elrond
At $56.19 the token is currently trading, which amounts to a loss. According to Coingecko, the market has shown a bullish cup pattern and handle, which could help prices break through $57.84.
At the time of writing, both the RSI and Chaikin’s money flow index show bullish convergence, which is excellent news for the altcoin as a whole. However, the momentum indicator shows that bullish enthusiasm has waned.
The market may see this as a negative indicator, even though a cup was constructed and a handle added. The 50-day and 100-day simple moving averages are also providing dynamic support for the potential bull run.
Chart from TradingView
EGLD: Bull – Or Bear Run?
After all the technicalities have been resolved, it is possible to claim that EGLD has begun slowing down. This could indicate that there will be a correction phase in the coming days and weeks.
The bulls can only make a small error when they have support at $54.40 and resistance around $57.80.
Bulls may be compelled to make tough decisions to reduce the momentum of the deceleration, which could lead to additional indications.
It is possible that the market correction began with the rejection of $57.80. The token’s current price trend is not in its favor, especially for the near term.
The narrow ascending triangle at the handle of the cup won’t help EGLD traders and investors in achieving their relief rally.
At the time of writing bears hold control over Elrond and have created a downturn. Traders need to focus on shorter timeframes.
A defense of $51.76 will stop the bears from gaining enough momentum.
Featured Image from Bankless Times. Chart by TradingView.com| Featured image from Bankless Times, Chart: TradingView.com Disclaimer: This analysis is the author's opinion and should not necessarily be considered investment advice.