- The Elrond coin accumulated by buyers above the bullish trendline in the past few days.
- EGLD price dropped down over 11.5% in the last 24 hours, is this crash?
- The Money Flow Index started moving lower after registering a July high.
Elrond coin gradually uptick since the DEX lunching. Recently, buyers finally caught altcoin, as a result, buyers celebrate gain in July. Meanwhile, the monthly price candle moves inside the previous bearish monthly candle. Now bears look exhausted near the 90-day low after a dramatic fall.
Since 13 June, the EGLD coin continue trading higher including retracement phases. Thus price action makes higher-lows formation while remaining above the upwards trendline in the course of the daily price chart. Although, buyers face retracement near the July high of 63.4 mark, which is still valid as a resistance zone.
The $61 to $65 zone stood to be a resistance area for buyers where buyers got rejection here twice in the last 30 days. Conversely, the upwards trendline (white) is a vital hedge zone of buyers. Amid the roller coaster ride, buyers face pulling back since last night.
Meanwhile, the EGLD coin is trading at $54.5 Mark within the period under review. Amid the drop, the Market Cap reached $1.2 Billion, which is down 11.7% in the last 24 hours. Buying is likely ahead if buyers maintain costs above the upwards trendline.
The price action forms a double top pattern near the resistance zone, so buyers must take away the price above recent horizontal support. Because The Money Flow Index (MFI) started moving lower after registering a July high.
Traditional Indicator suggests pull back
In the course of the daily price scale, the Elrond price reversed near the upper band of the Bollinger bands indicator while it’s observed at the mid band of following indicator. If a sell-off occurs, then the lowest verge of the BB indicator will be the trend-changing zone.
Similarly, the Stoch RSI visited into the overbought zone over the daily price scale. At the time, indicators showed a slightly bearish sign for the EGLD coin.
Conclusion
Amid pull back, the Elrond coin trades at an upwards trendline, where buyers may again push the price higher. Despite the bullish trendline, technical indicators like Bollinger band and Stoch RSI show weak statements for EGLD coin.
Support level – $50 and $40
Resistance level – $100 and $120
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.