Bullish Pattern Sets Elrond Coin For 10% Hike

Amid the recent relief rally in the crypto market, the Elrond coin price bounced back from the $51.8 support and surged 11.5% higher. This development allowed buyers to rechallenge the $58 neckline resistance of a cup and handle pattern. In response to this pattern, the prices are more likely to break this resistance to bolster the bullish rally further.

Key points:

• The bullish breakout from $58 could accelerate the ongoing recovery.
• The daily-RSI slope wavering around 61% amid ongoing consolidation indicates bullish market sentiment.
• The intraday trading volume in the EGLD coin is $59 Million, indicating a 44.6% gain.

Source- Tradingview

The Elrond daily time frame chart shows the formation of a cup and handles pattern. In theory, this pattern represents a rounding bottom recovery which undermines the last correction phase, followed by a consolidation phase(handle portion). 

The Elrond coin price currently trades at the $57.2 mark and tries to break the pattern’s neckline resistance of $58. A daily candle closing above this resistance will offer buyers a higher footing to carry forward its recovery.

Thus, the post-breakout rally should drive the prices 10% higher to hit the $63.5, followed by the $70 mark.

On a contrary note, if the market sentiment remains bearish, the altcoin will eventually lose the bullish momentum and revert lower. Thus, a breakdown from $51.8 will offset the bullish pattern and may slump the Elrond price back to $45.8.

Technical Indicator

EMAs: the altcoin bounced back from the 20-and-50-day EMA amid the ongoing consolidation, indicating these EMAs are flipped into suitable support. However, the rising prices could face additional resistance from the 100-day at $58.

MACD indicator: the MACD and the signal line moving above the neutral indicator, or the buyers still have the upper hand. However, the short spread within these slopes accentuates the s loss of bullish momentum.

Elrond Coin Price Intraday Levels

• Spot rate: $57.07
• Trend: Sidewaysys
• Volatility: High
• Resistance levels- $578, and $63.5
• Support levels- $51.8 and $45.8