ELROND (EGLD) Price Prediction : EGLD hits new 52 week low at $32.31, more downside possible ?

• Multiverse(Elrond) price lost 25% of market cap in the previous month and hits a 52 weeks low $32.31
• EGLD halted the downside after 3 weeks of consecutive fall and reversing upside from the oversold territory.

EGLD crypto price is trading with the mild bearish cues and bears were likely to continue its dominance at higher levels. As per coin glass, In the last 12 hours EGLD long and short ratio stood at 1, denote a balance between bullish and bearish positions.  Currently, EGLD/USDT is trading at $34.36 with the intraday loss of 0.29% and 24 hour volume to market cap ratio stood at 0.078

Will the EGLD price consolidate at current levels ?

On a daily time frame, Elrond prices are in strong downtrend and slipping down while forming lower low swings indicates bears dominance on higher levels. In December, bulls gained some positive momentum and attempted to trade above $50.00 level but got rejected and prices lost all its previous gains. Recently in the mid of December, bears succeeded to break down the yearly lows at $38.00, which triggers the more negative sentiment and EGLD prices hit fresh 52 week low.

The 50 day EMA (yellow) at $39.00 sloping down will act as an immediate resistance in coming days followed by the next will at $46.00 and $60.00 levels. On the lower side $32.00 and $25 might act as temporary support for coming weeks. The MACD had generated positive crossover but prices seems to be in bear grip and does not show any strong signs of reversal whereas the RSI at 37 may trigger a short term pullback rally from the oversold territories. 

Investors should avoid or accumulate at lower levels ?

On a lower time frame, EGLD prices have found little stability at lower levels and bulls are struggling to defend the recent lows at $32.31.The supertrend indicator had generated buy signal indicates short term trend may reverse in the favor of bulls but price actions denies the fact and indicates the current up move might be fake and prices may enter into consolidation range.

Summary

EGLD prices are in downtrend and bears seem to be continuing its dominance on higher levels. As per technical analysis, prices are oversold and a short term relief rally may trigger in coming days but price actions indicate the pull back rally might be fake and prices may enter into consolidation range. So, it’s better to avoid accumulating  EGLD at current levels. However aggressive traders may look for sell on rise opportunities by keeping $40 as SL.

Technical levels

Resistance levels : $39.00 and $46.00

Support levels : $32.00 and $25.00

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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