- The 20-day EMA provide strong support to the EGLD coin price
- The EGLD/BTC pair was trading at 0.00471 BTC with a gain of 5.16%
- The 24hr trading volume in the EGLD coin is $315.7 Million
The EGLD coin chart suggests continuing its uptrend as its price has shown an impressive recovery after the recent retracement. The EGLD/USD chart shows the price is obtaining strong support from an ascending trendline, which has provided multiple support to this coin. The coin price is now charging towards the previous higher high of its rally. However, it still has to reclaim the $260 resistance.
According to the EMA’s, the EGLD coin indicates a bullish trend alignment, with the price moving higher than the crucial EMA’s 20, 50,100, and 200 EMA.
The RSI (BULLISH) value is at 59, indicating a bullish sentiment in this coin. Moreover, the RSI line has also shown a reasonable recovery in its value concerning the price action.
EGLD Coin Displays A Breakout From An Ascending Triangle
The EGLD token indicates the formation of an ascending triangle pattern in the 4ht time frame chart. This pattern had its crucial resistance(neckline) at the $260 mark, and the coin price has provided a decisive breakout from this resistance. However, the price is trying to retest this level for proper support, offering an excellent opportunity for EGLD traders.
The MACD (BULLISH) shows a great confirmation for the above bullish pattern as both the MACD line and signal lines are moving above the neutral zone (0.00), indicating the bullish sentiment in the EGLD coin.
Conclusion: From the technical perspective, the overall trend of the EGLD coin is strongly bullish, and the trend traders should find favorable conditions to take a long trader until this trendline is intact. As mentioned, the price gave a breakout from the ascending triangle pattern, which can provide the nearest target to the $360 if the coin price sustains above the $260 neckline.
Support– $260
Resistance– $300