EGLD Bulls Failed to Sustain above the Range, Trapped again, What about Escape? –

• Elrond price managed to get away from the consolidation phase but trapped again as bulls failed to sustain at the upper range.
• EGLD crypto is trading at 20 and 50 EMA but still behind 100 and 200-days Daily Moving Average.
• The pair of EGLD/BTC is at 0.0027 BTC with an intraday drop of 0.08%.

If the business keeps concentrating on enhancing the dependability and cross-chain functionality of the platform, Elrond’s token is predicted to increase. Elrond is attempting to strengthen its capabilities and gather some momentum in an upward trend over the daily chart, as seen by the increase in the price of the EGLD token. The price of the EGLD coin is trying to catch up with a sharp rising trend on the chart, but EGLD right now needs to draw in more purchasers. But the token’s journey to this point has been a fascinating roller coaster. Before being rejected from it and becoming trapped inside the descending triangle pattern, the token first entered a symmetrical triangle pattern. But right now, the EGLD currency is consolidating within the horizontal range.

Elrond price is currently CMP at $62.38, its market capitalization having dropped by 2.52% during the previous 24 hours. In the course of intraday trading, the number of trades fell by 16.18%. This demonstrates how buyers are drawn to the EGLD currency as it positions itself for a bullish ascent. Given the current negative market conditions, EGLD may experience a short sell-off despite its good progress. The bullish trend in EGLD needs to be maintained by very devoted bulls. Volume to market cap ratio is 0.03498.

On the daily chart, the Elornd coin price is attempting to reinforce bulls and build a solid rising momentum. According to reports, the idea of Elrond is fascinating, intriguing, and full of potential. The cost of the EGLD token has been declining since the start of 2022 after reaching an all-time high of $558 in November 2021. However, the token is now limited to the range of $46.50 and $65.00. Meanwhile, gradually falling volume signifies the fall of EGLD crypto back inside the consolidation phase.

The token is coming through some interesting patterns over the daily chart. EGLD crypto at first declined through a symmetrical triangle pattern and then went into a descending triangle pattern as short sellers trapped the token. Then EGLD managed to gather support and stuck inside a consolidation phase in which it has been trading since 21 June 2022.

EGLD bulls Must be Determined about the Breakout

Over the daily chart, the EGLD coin’s price is moving upward. Whether bulls will maintain the current level or fall off will take some time to ascertain. Technical indicators suggest the sustainability issue of ELGD coin at the upper trendline of the consolidation phase.

Relative Strength Index showcases the uptrend momentum of EGLD coin. RSI is at 56 and is heading towards the overbought territory. MACD exhibits the consolidation phase of EGLD crypto. The MACD line is ahead of the signal line but with a lower margin. EGLD investors need to wait until bulls sustain at the upper price range of the consolidation phase.

Conclusion   

If the business keeps concentrating on enhancing the dependability and cross-chain functionality of the platform, Elrond’s token is predicted to increase. Elrond is attempting to strengthen its capabilities and gather some momentum in an upward trend over the daily chart, as seen by the increase in the price of the EGLD token. The price of the EGLD coin is trying to catch up with a sharp rising trend on the chart, but EGLD right now needs to draw in more purchasers. But the token’s journey to this point has been a fascinating roller coaster. The cost of the EGLD token has been declining since the start of 2022 after reaching an all-time high of $558 in November 2021. However, the token is now limited to the range of $46.50 and $65.00. Meanwhile, gradually falling volume signifies the fall of EGLD crypto back inside the consolidation phase. Technical indicators suggest the sustainability issue of ELGD coin at the upper trendline of the consolidation phase. The MACD line is ahead of the signal line but with a lower margin. EGLD investors need to wait until bulls sustain at the upper price range of the consolidation phase.

Technical Levels

Support Levels: $60.00 and $55.00

Resistance Levels: $65.00 and $68.80

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.   

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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