Elrond Price Analysis: EGLD Crypto Trying to Recover Towards the Upper Range!

Elrond price is trying to rise towards the upper price range of the consolidation phase over the daily price chart.
EGLD crypto is trading at 20 and 50 EMA but still below 100 and 200-days Daily Moving Average.
The pair of EGLD/BTC is at 0.002591 BTC with an intraday gain of 3.99%.

Elrond’s estimated price is currently $50.75, and in the last day, its market capitalization increased by 6.34%. In the past 24 hours, trading volume has surged significantly by 137.83% of its market value. This suggests that on the daily price chart, buyers are attempting to break out of the consolidation phase. Volume to market cap ratio is at 0.04826.

Over the daily price chart, Elrond price is currently moving toward a breakout from the consolidation phase. To allow EGLD to break through the consolidation period, bulls must continue their rate of accumulation. Bears, on the other hand, might attempt a pullback between phases of recovery. In the meantime, volume change is above average and must continue to benefit bulls.

What do Technical Indicators suggest about EGLD?

Elrond price is attempting to maintain the momentum of the present uptrend over the daily price chart. On the daily chart, EGLD cryptocurrency must continue to hold throughout the consolidation phase. Technical indicators point to imminent overbought conditions for the EGLD currency.

The EGLD coin’s relative strength index clearly shows how quickly it is moving upward. At 55, the RSI is approaching overbought territory. The EGLD coin’s upward momentum is visible on MACD. The signal line is in front of the MACD line.

Conclusion

Elrond price has successfully reentered the zone that is horizontally range-bound. The EGLD coin has dropped below the 16 September range. The token successfully returns to the horizontal range. The EGLD coin is currently in a phase of consolidation and is moving upward toward the upper range to signify its breakout. Bears, on the other hand, might attempt a pullback between phases of recovery. In the meantime, volume change is above average and must continue to benefit bulls. Technical indicators point to imminent overbought conditions for the EGLD currency. The EGLD coin’s upward momentum is visible on MACD. The signal line is in front of the MACD line.

Technical Levels

Support Levels: $45.00 and $40.00

Resistance Levels: $55.00 and $60.00

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.