ELGD bleeds towards $196.36 amid ongoing crypto crash

TL;DR Breakdown

• The Elrond price analysis is bearish today
• Resistance for ELGD is present at $204.18
• Key support for Elrond prices is seen at $190

The Elrond price analysis for today is in favor of the bears as the prices continue to bleed downwards. ELGD is facing resistance at the $204.18 mark while the key support is seen at $196.0. The overall trend remains bearish and further losses cannot be ruled out in the near future. Elrond prices are exchanging hands at $195.71 at the time of writing, a decline of 1.52 percent.

Elrond prices have been on a downward spiral for the past two weeks. The prices have lost more than 12 percent in value and it does not seem like there is any relief in sight. The overall market sentiment has been bearish with most of the top coins recording losses. ELGD is not an exception and is currently trading at its lowest level in over a month.

Elrond price action in the last 24 hours: ELGD touches $182 lows as bears rule the charts

ELGD has been on a downward spiral in the last 24 hours and is currently trading between a range of $191.85 to $204.18 with a trading volume of $190,232,419.96.The downtrend is expected to continue soon as the bears maintain control over the market sentiment as per Elrond price analysis. The prices are likely to dip further down as the selling pressure intensifies in the coming days.

The technical indicators are in favor of the bears and suggest that the prices could dip lower in the near future. The RSI is currently at 34.48 and is showing no signs of a reversal. The MACD indicator is also in bearish territory and indicates that the selling momentum is still strong.

The Chaikin Money Flow indicator is also negative and suggests that the selling pressure is increasing. The moving averages are also in a downward trend and suggest that the prices could head lower.

Elrond price analysis on a 4-hour price chart: Recent developments and technical indications

ELGD is facing resistance at the $204.18 mark on a 4-hour price chart. The prices are struggling to break above this resistance and could head lower in the coming days. The key support is seen at $196.0 and if the bears manage to break below this level, the prices could fall further down. The market volatility is decreasing as indicated by the narrowing of the Bollinger Bands

.The RSI is currently at 39.01 and is indicating that the bears are in control of the market sentiment. The MACD indicator is also in bearish territory and suggests that the selling momentum is still strong. The SMA 50 is also below the SMA 200 and suggests that the bears are in control of the market.

The Stochastic indicator is also in oversold territory and suggests that the prices could rebound soon. The downside potential is high in the near future and the bears could push the prices lower in the coming days.

Elrond price analysis conclusion

The Elrond price analysis for today is bearish as the prices continue to bleed downwards. ELGD is facing resistance at $204.18 while the key support is seen at $196.0. The overall trend remains bearish and further losses cannot be ruled out in the near future. Bulls are expected to defend the key support level at $196.0 in order to avoid a further decline.

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