Elrond was rising before closing at around $54.40. EGL price recently broke a key price resistance level with an upside move above $56.37.
Based on the data, on weekly, biweekly and monthly time frames, Elrond is outperforming koingecoThursday.
This bullish movement may have been driven by recent events. On September 22, Opera users who have enabled the built-in crypto wallet will be able to use EGLD. The market may react to these events by raising the price.
But will EGLD price be able to continue crossing the $55 level – or will this level eventually prove too high to cross? The bulls are eyeing the $65 mark, but this also proves to be a major challenge.
A clue to the riddle that is Elrond
The coin is trading at $56.19, which is a loss as of writing. Recent market action has established a bullish cup and handle pattern, which should help push the price above the $57.84 barrier, data from Coingecko shows.
At the time of writing, the money flow index of both the RSI and Chaikin shows rapid convergence, which is excellent news for the altcoin as a whole. However, the momentum indicator suggests that the bullish momentum is losing steam.
This may turn out to be a negative sign for the market despite the manufacture of the cup and handle. The 50-day and 100-day simple moving averages are also providing dynamic support for a potential bullish move.
EGLD: Bull – or Bear Run?
Now that the technicalities are out, we can claim that EGLD is currently slow Below This can be a sign that a phase of improvement will occur in the next days or weeks.
With current support near $54.40 and resistance at $57.80, the bulls have a very narrow margin of error.
The drop in momentum could propagate to other signals, forcing the bulls to make a decision that would inevitably put downward pressure on the coin.
The earlier rejection at $57.80 could signal the beginning of a market correction. The current sideways price action does not bode well for the coin, especially in the immediate term.
The tight ascending triangle EGLD for the handle of the cup will not help investors and traders achieve the anticipated relief rally.
At the time of writing, bears have taken control of the Elrond market and are creating a bearish trend. Traders should focus on shorter time frames.
If the bears ever gain enough momentum, a defense of $51.76 and a fallback to $46.16 will halt the bearish move.
EGLD/USD pair trading at $57.97 billion on the daily chart | Featured image from Bankless Times, Chart: TradingView.com Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.
Credit : www.newsbtc.com