Claim BonusHere’s Why Elrond Coin Price May Rise 18% In The Coming Weeks
Amid the recent downfall in the crypto market, the Elrond price has shaped itself in a parallel channel pattern. The coin price witnessed a steady decline under the influence of this pattern over the past two months. Furthermore, the falling price had recently breached the multi-month support of $50. Thus, the post-breakdown Elrond Coin Price downfall was supposed to accelerate the bearish momentum and plunge the prices back to the June low of the $38 mark.
Key points:
- The Elrond price has surged nearly 11.7% since last week
- The coin price gave a bullish breakout from the falling channel pattern
- The intraday trading volume in the EGLD coin is $56 Million, indicating a 130% gain.
Source- Tradingview
Amidst the ongoing uncertainty in the crypto market, the sellers struggled to follow up on this breakdown. As a result, the altcoin prices resonated within a narrow range from $50 to $45. However, the coin traders respected the trading setup for channel pattern, and today the prices gave a massive breakout from the combined resistance overhead trendline and $50.
The Elrond coin price currently trades at $50.57, with an intraday growth of 5.11%.
Thus, the long bullish candle triggers the bullish continuation pattern, which should encourage a strong directional rally. The post-retest rally should bolster buyers to break through the $54.5 barriers and reach the 18% high level of $60.
On a contrary note, if the buyers fail to sustain above $50, the fake breakout scenario will replenish the bearish momentum.
Technical Indicator
Relative strength index: the daily-RSI slope surged above the midline, indicating the market sentiment is turning positive.
Bollinger band indicator: the coin price reached the indicator’s upper band suggesting a sharp growth in a short span. Thus, the altcoin is expected to consolidate above the breached $50 mark to validate sustainability above this level.
Elrond Coin Price Intraday Levels
- Spot rate: $50.5
- Trend: Bullish
- Volatility: Low
- Resistance levels- $54.5, and $6
- Support levels- $5 and $45
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