EGLD Price Analysis: Can the token break through the $45.68 mark?

The token has shown bullish actions in the previous sessions.
The pair of EGLD/USDT is trading at the price level of $44.08 with a gain of 0.90% in the past 24 hours.

The bulls were not able to sustain the $40.28 level, and breakdowns caused the token’s price to fall below the demand zone. The token has gained bullish momentum in the past few days and is now trading above the demand zone on a daily time frame.

eGold (EGLD) token on the daily chart

The token is showing signs of strong bullish momentum, with bulls driving up the token’s price. In the past few weeks, the token has gained more than 35%. According to the daily chart, the EGLD token is now trading at $44.08, up 0.90% in the last 24 hours. On the daily time frame, the token has crossed and sustained above the 50 EMA, and it is presently trading between its key Moving Averages, which are the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA).

Relative Strength Index: The asset’s RSI curve is currently trading at 71.78, indicating that it is in a strong overbought zone. The bulls have gained traction, and the token has sustained its position above the demand zone, indicating that it is in a short-term uptrend. The rise in the price of the token has increased the value of the RSI curve. If the token’s uptrend continues, the RSI curve’s value will remain in the overbought zone.

Analyst view & Expectations

The bears were unable to push the token’s price lower, and the bulls took command of the trend. Investors who want to buy now should wait for the token to break over the resistance level of $45.68 and sustain above it on a daily time frame. Intraday traders, on the other hand, have a good opportunity to go long if the token breaks above the resistance level and book profits based on their risk to reward ratio.

According to our current EGLD price forecast, the value of EGLD is expected to fall by -4.58% and reach $ 41.74 in the next few days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 50. (Neutral). Over the previous 30 days, EGLD had 17/30 (57%) green days and 9.35% price volatility. According to our EGLD forecast, now is a good time to buy EGLD.

Technical Levels

Major support: $38.88

Major resistance: $45.68

Conclusion

According to the price action, the EGLD token is looking good, with bulls driving up the price of the token and forming a bullish chart pattern. It remains to be seen whether the bulls can break over the $45.68 resistance level.

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing