The Elrond price analysis reveals a bullish trend for today as the coin has gained bullish momentum from the start of the trading session. The price has recovered to the $114.7 level as bulls got the lead back after a continuous downwards trend over the last five days. The price function was under pressure as the token’s price level suffered severely, but today the trend changed as the bullish support appeared around the $105.7 support zone.
EGLD/USD 1-day price chart: Bulls take charge after a prolonged bearish trend
The 24-hour Elron price analysis shows the price has increased today, as the EGLD/USD pair is trading hands at $114.7 at the time of writing. As the bulls are leading the price function, the EGLD reports an increase in value by 4.82 percent over the last 24 hours, but on the other hand, the coin is still at a loss of 9.74 percent over the past week. The trading volume increased by 121.41 percent, and the market cap has also increased by 4.69 percent, providing a market dominance of 0.17 percent to the EGLD.
The volatility is increasing by a high margin for EGLD. The Bollinger bands are expanding, the upper Bollinger band is at the $166.6 mark representing resistance for the crypto pair, and the lower band is at the $102.3 mark representing the strongest support.
As the bullish momentum returned and the buying activity started again, the relative strength index (RSI) also started to improve and has reached index 35 from the underbought area, hinting at the overwhelming buying activity.
Elrond price analysis: Recent developments and further technical indications
The 4-hour price chart for Elrond price analysis shows the price breakdown was upwards at the start of the trading session and is upwards up till now. However, the bullish activity helped uplift the price to a great extent as it recovered to $114.7 along with a swing high towards $120, also observed at a point today.
The moving average (MA) is at the $109 mark below the price level, complementing the bullish momentum. The volatility is high as the upper Bollinger band is at the $121.2 mark, the lower Bollinger band is at the $103.8 mark, and the Bollinger band average is at the $113.55 mark also below the price level. The RSI is trading at a steep upwards curve at index 48, indicating the buying activity in the market.
Elrond price analysis: Conclusion
The Elrond price analysis suggests a strong bullish trend is going on. The bulls have successfully reversed the bearish trend and have elevated the price level high. Selling pressure can be expected as the price nears the $121 resistance; however, the resistance is still far above, and bulls have to cover more range upwards to reach the said resistance level.
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Source: https://www.cryptopolitan.com/elrond-price-analysis-2022-05-10/