Elrond Price Analysis: EGLD Coin Has Reached A Crucial Support After Displaying V Top Bearish Reversal
On November 23th, the EGLD coin made a New All-Time High of $542. After experiencing intense selling pressure from this level, the coin price dropped faster and plunged to the $300 support. The technical chart shows a clear V-top reversal pattern for coins; however, the battle to reclaim the $300 mark continues.
Key technical points:
- The EGLD coin daily RSI chart shows a significant drop in its value
- The dynamic support 50-day is flipped to a strong resistance now
- The intraday trading volume in the EGLD coin is $301.7 Million, indicating a 51.28% loss.
Source- EGLD/USD chart by Tradingview
The last time when we covered an article on EGLD/USD, the coin price breached a significant resistance level of $300. After taking its sweet time to sustain above this level, the coin initiated a significant rally, making a new ATH of $542.
Later, the coin faced strong rejection from this new resistance and began a bearish reversal that dropped the price 44% to the same support level of $300.
Furthermore, the coin price is still trading above-trend defining 100 and 200 EMA, indicating a bullish alignment. Moreover, the 50 EMA line that previously provided strong support to the price is reversed to serve as resistance.
The Relative Strength Index(46) showed a striking drop in its value concerning the coins price action.
EGLD/USD 4-hour Time Frame Chart
Source- EGLD/USD chart by Tradingview
On December 4th, the crypto was hit by a sudden sell-off that shattered important support levels for many cryptocurrencies. But, unlike the other crypto coins, the EGLD price held above the $300 mark, displaying a long wick candle. As of today, the sellers are still fighting to reclaim this bottom level.
According to traditional pivot levels, the crypto traders can expect the nearest resistance at $353, then $448. As for the opposite end, the support levels are $292 and $200.
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