- Elrond price still falters to sustain above the consolidation phase over the daily price chart.
- EGLD Crypto is trading above 20 and 50 EMA but the crypto asset is still behind 100 and 200-days Daily Moving Average.
- The pair of EGLD/BTC is at 0.002713 BTC with an intraday drop of 0.79%.
Elrond’s coin is expected to rise if the company keeps focusing on strengthening the platform’s dependability and cross-chain capability. By raising the price of the EGLD token, Elrond is seeking to bolster its capacities and build some momentum in an upward trend over the daily chart. The EGLD coin price is attempting to keep up with a rapid upward trend on the chart, but EGLD currently needs to entice additional buyers. To get here, however, the token had to ride a thrilling roller coaster. The token first entered a symmetrical triangle pattern before being rejected from it and getting stuck inside the descending triangle pattern. However, the EGLD currency is currently consolidating above the range.
Elrond’s price is currently CMP at $66.06, its market capitalization has gained by 1.16% during the previous 24 hours. In the course of intraday trading, the number of trades fell by 4.81%. This demonstrates how bears are trying to pull the token back inside the consolidation phase and bulls struggle to maintain the token’s position above the horizontal range. The volume to market cap ratio is 0.02928.
The Elrond coin price is aiming to strengthen bulls and develop a strong rising momentum on the daily chart. Elrond’s concept is reportedly creative, exciting, and full of possibilities. After reaching an all-time high of $558 in November 2021, the price of the EGLD token has been falling since the beginning of 2022. The token’s current price range, though, is between $46.50 and $65.00. Meanwhile, continuously declining volume indicates that EGLD cryptocurrency has fallen back into the consolidation period.
Will EGLD Bulls Sustain or get Detained?
Over the daily chart, the token is showing some intriguing patterns. As short sellers trapped the token, EGLD cryptocurrency initially fell through a symmetrical triangular pattern before entering a descending triangle pattern. Then EGLD was able to collect support and became caught in a consolidation period, where it has been trading ever since June 21, 2022.
The price of the EGLD coin is rising throughout the daily chart. It will take some time to see whether bulls will hold their current level or decline. When the ELGD coin crosses the upper trendline of the consolidation period, technical signs point to a sustainability issue.
The EGLD coin’s momentum in the downturn is displayed by the relative strength index. The RSI is at 58 and moving in the direction of neutrality. The EGLD crypto’s consolidation phase is visible in the MACD. Despite having a smaller lead, the MACD line is ahead of the signal line. Investors in EGLD must hold off until bulls maintain at the peak of the consolidation phase’s price range.
Conclusion
Elrond’s coin is expected to rise if the company keeps focusing on strengthening the platform’s dependability and cross-chain capability. By raising the price of the EGLD token, Elrond is seeking to bolster its capacities and build some momentum in an upward trend over the daily chart. The EGLD coin price is attempting to keep up with a rapid upward trend on the chart, but EGLD currently needs to entice additional buyers. To get here, however, the token had to ride a thrilling roller coaster. Meanwhile, continuously declining volume indicates that EGLD cryptocurrency has fallen back into the consolidation period. When the ELGD coin crosses the upper trendline of the consolidation period, technical signs point to a sustainability issue. Investors in EGLD must hold off until bulls maintain the peak of the consolidation phase’s price range.
Technical Levels
Support Levels: $64.45 and $60.00
Resistance Levels: $69.00 and $70.50
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.