- EGLD token price has been in a consolidation for the past couple of weeks as seen on the daily chart.
- The EGLD token price is forming a symmetrical triangle pattern on a daily time frame.
- The pair of EGLD/BTC is trading at the price of 0.002417 with an increase of 0.29% in the past 24 hours.
EGLD token price, as per the price action, is hovering around the supply zone on a daily time frame. The token is trading in a very small range. Hence breakout on either side will result in a massive move. The breakout of the symmetrical triangle pattern will result in the token price rising to $70.00. EGLD token price is forming lower low and higher high formation from the supply zone and demand zone respectively. This has led to the formation of the symmetrical triangle chart pattern. At present, the token price is trading in the middle of the Bollinger band indicator, after failing to surpass the upper band. The EGLD token price is currently trading below the 100 Moving Average. Therefore moving upwards the token price can face strong rejection of 100 MA. The EGLD token price has already given a breakout of 14 SMA and 50 MA indicating bullish momentum. Although, the token is still in range and therefore investors should wait for a breakout on either side. Volumes have been normal, indicating a particular trend to continue for the long term.
The EGLD token price is trading in a small range as seen on the hourly time frame
Relative Strength Index: RSI curve is trading at the price of 51.59 as the token nears the supply area. The token is forming higher low and higher high formation on an hourly time frame as the token shows bullishness in the higher time frame. The EGLD token price can be seen moving when it breaks out of the symmetrical triangle and the RSI curve moves higher. At present, the RSI curve has crossed the 20 SMA.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token gave a breakout of the supply zone on an hourly time frame. The blue line crossed the orange line on the upside. This has resulted in the token price moving up strongly. Once the token price starts moving up again after retesting, the gap between the blue and orange lines can be seen widening supporting the trend. After the breakout of the small supply zone, the token is now trading in a small range, resulting in the consolidation.
Average Directional Movement Index: ADX has been continuously rising as the token price broke an important supply zone of $55. As of now, the token price is trading above this important demand zone. The breakout zone is now acting as a strong demand zone. At present, the token price is trading at $57.3. ADX curve has dipped out of the 25 mark.
CONCLUSION: EGLD token price has been on an uptrend in the hourly time frame. The technical parameters suggest the same. On a daily time frame, the token is forming a symmetrical triangle. Therefore the token price is ready to show a big move in the upcoming days.
SUPPORT: $54.00 and $55.00
RESISTANCE: $62.00 and $65.00