Elrond Price Analysis: EGLD Price Ready Mark New Higher Highs In Its Technical Chart

By Sunil Sharma
Published November 10, 2021 Updated November 13, 2021
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Elrond Price Analysis: EGLD Price Ready Mark New Higher Highs In Its Technical Chart

By Sunil Sharma
Published November 10, 2021 Updated November 13, 2021

The technical outlook for EGLD/USD states a strong uptrend. Moreover, the coin has recently reclaimed the previous ATH level of $300, indicating even more potential for EGLD. How far will this rally go?

  • The 50-day EMA acts as dynamic support to the EGLD coin price
  • The intraday trading volume in the EGLD coin is $182.2 Million, indicating a 52% hike

TradingView Chart

Source- EGLD/USD chart by Tradingview

The EGLD coin displays a steady uptrend in its technical chart with a series of higher highs and higher lows. Though this rally was experiencing a strong rejection from the $300 resistance, on November 3rd, the coin price managed to provide a decisive breakout from this level, with a strong surge in the trading volume.

The EGLD coin price is trading above the crucial EMAs (20, 50, 100, and 200), indicating a strong bullish alignment in its chart. In addition, the 50 EMA line is providing dynamic support to the coin price.  

The Relative Strength index line moving above the neutral line(50) indicates a bullish sentiment. However, the RSI chart displays a clear bearish divergence, suggesting a slight weakness among the coin buyers.

EGLD/USD Chart in the 4-hour Time frame

TradingView Chart

Source- EGLD/USD chart by Tradingview

After the EGLD coin breached the $300 resistance, its price retraced back to retest this level and check if it can offer proper support or not. The coin price took its sweet time of a few days to sustain above this level, and as of today, it has started showing a proper follow-up for the bullish breakout.

The EGLD chart level shows a great confluence with the traditional pivot levels, using which the crypto traders can identify the possible resistance level. According to these pivots, the nearest resistance for this coin would be at $344, followed by the $370.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
294 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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