Elrond (EGLD) Will Rally To $80, But this Must First Happen

  • EGLD’s price shows a spark of strength as the price bounced off from $45 with good volume. 
  • EGLD’s range-bound movements continue as the price aims at breakout in advance of a rally towards $80. 
  • As the daily price moves in, EGLD trades above 50 Exponential Moving average (EMA).

Although market volatility has had an impact on the prices of several altcoins over the past weeks, Elrond’s (EGLD) price remains stable. Elrond (EGLD), which has held its ground, has defended its support, as the price is still in a range with a potential breakout when it reaches $80. As it tried to reach $20,000., Bitcoin’s (BTC), price rose from $19,100, its lowest, to $19,600. A successful breakout will result in relief bounces for the majority of the market’s crypto assets. (Data from Binance).

Elrond (EGLD), Price Analysis on The Weekly Chart.

Despite the fact that Elrond has seen some price movements in the last week due to many great partnerships and projects, EGLD is still attracting the attention of investors and traders with its unique use case. Many are looking for buying opportunities.

As the price for EGLD fell from a peak of $500 to a low of $40 per week, the bear market has taken a significant share. The price formed good support that allowed sell-offs to be held back by panic.

MATIC prices rallied after having formed good support. The price then dropped to $45, despite the fact that it showed great strength to surpass and break this resistance. Rejection of EGLD in this area has caused the price range for building more buyers to be rejected. 

Weekly resistance for the price of EGLD – $70-$80.

Weekly support for the price of EGLD – $45.

The Daily (Daily) Price Analysis Chart for EGLD

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

The daily price of EGLD is trading below its $65 key resistance. Despite bouncing off its daily lows, the price will face a challenge to break above $65.

If the price rises above $65, the price may rally to an even higher level. But if it fails to break out, the price can be rejected to its previous range of $45 to $55.

Relative Strength Index (RSI), for EGLD, looks great after rallying out of an oversold region. It indicates that EGLD has good buy volume.

Daily resistance for the EGLD price – $65.

Daily support for the EGLD price – $45.

Cryptoninjas Featured Image, Charts from Tradingview 

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