NewsletterHere’s Why Elrond’s Price Recovery May Surpass $57.5 Barrier
The crypto market witnessing high volatility caused a minor consolidation in Elrond coin price. This sideways price action indicates that the buyers are struggling to surpass a local resistance of $57.5. Moreover, the technical chart shows the formation of the cup and handle pattern indicating a recovery opportunity for Elrond’s price.
Key points:
- The cup and handle pattern offers a 20% growth opportunity for EGLD holders
- The ongoing recovery has reclaimed the 20-and-50-day EMA slope, reflecting an early sign of trend reversal
- The intraday trading volume in the EGLD coin is $61.3 Million, indicating a 14% gain.
Source- Tradingview
The Elrond coin price had maintained an extensive correction phase in a falling channel pattern accounting for a drop of 32%. However, in the recent days of market recovery, the Elrond coin price found momentum in the bull cycle resulting in a spike above the resistance trendline.
However, the ongoing uncertainty has stalled the recovery rally at $57.5, leading to a cup and handle pattern in the daily chart. Additionally, the price trend consolidates within the 50 and 100-day EMA coiling the momentum before a sharp release.
Currently, the daily shows an intraday growth of 4.93%, leading to a morning star at the bullish crossover of 20 and 50-day EMA. Moreover, the bullish engulfing candle challenges the resistance confluence of the $57.5 neckline and the 100-day EMA.
If the bullish trend continues, the Elrond prices will skyrocket with a breakout rally to reach the $67.5 mark.
On the other hand, a trend reversal will nullify the bullish pattern and dump the market price to $51.5.
Technical Indicator
Bollinger band indicator: the coin price rebounded from the indicator midline suggesting the traders are entering a price consolidation or correction
MACD indicator: despite recent consolidation, the MACD and signal prevented a bearish crossover and sustained above the midline, indicating the buyers possess the upper hand.
Elrond Coin Price Intraday Levels
- Spot rate: $56.09
- Trend: Bullish
- Volatility: High
- Resistance levels- $57.5, and $62
- Support levels- $51.5 and $45.8
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