The new descending trendline carrying the ongoing downfall plunged the (Elrond)EGLD price to a low of $076.1. Following, the altcoin shows a minor pullback, but the decreasing volume activity suggests weaknesses in the bullish moments. Can buyers undermine the multiple resistance waiting ahead?
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Key points:
- The EGLD price has gained 36% in the last five days
- The sellers would mount a strong defense at the $75 mark
- The intraday trading volume in Elrond coin is $77.7 Million indicating a 15% gain.
Source- Tradingview
During the first four months of 2022, the Elrond(EDGL) buyers aggressively defended the $125 support. Furthermore, responding to the ongoing consolidation, altcoin slumped to this bottom support with hopes of replenishing the buying momentum.
However, the EGLD price couldn’t hold the $125 support amid the recent sell-off and plunged the coin below it on May 6th. As a result, the rising bearish momentum extended the downfall to a low of $75, registering a 37% fall.
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Following this, the EGLD price bounced back from this $75-78 support aligned with low volume support. With the rising price and decreased volume, the coin has a higher possibility of reverting from overhead resistance and continuing the prevailing trend.
Furthermore, the EGLD price is approaching a confluence of multiple resistance such as the descending trendline, 0.236 FIB, and 20-day EMA.
The expected reversal would sink the altcoin back to the $77 mark.
Technical Indicator
The RSI-slope return from the overbought region showed steady growth towards the equilibrium. However, the altcoin will be bearish in nature until the indicator value sustains below the neutral line(50).
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The 20-day EMA aligned with the resistance trendline strengthens the seller’s defense. Moreover, the price moving below the crucial EMAs(20, 50, 100, and 200) gives an overall bearish outlook.
- Resistance levels: $105 and $125
- Support levels: $75 and $60
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