- The EGLD price is currently trading at $32.76.
- The price has formed three white soldiers’ pattern in the weekly timeframe.
The EGLD future prediction is bullish in the upcoming months. As long it is sustained above the $28.00 level it has a chance to commence a long-term bull run in the future.
After a long downtrend in the EGLD price with a constant resistance of a descending trendline. The fall in price halted at $22.34 where it formed support and went into a consolidation phase in the range of $22.34 to $28.00 for over two months.
Recently, the EGLD price has given the breakout of the descending trendline and the strong horizontal resistance of $28.00. This breakout spiked the buying volume bar which shows the interest of crypto Investors. It denotes the investors have invested their money at a lower price and are expecting a good performance in the future.
Currently, the price is trading above them and is reflecting the control of the bulls in the current scenario.
The EGLD price has registered a drop-down of 0.50% in the last 24 hours and is currently trading at $32.76 with a 24-hour trading volume of 33.104K.
A Short-Term Pullback in the EGLD Daily Chart
The EGLD price after reclaiming the 50-day and 100-day EMA lines is currently sustaining above them. It shows that the bulls have the overall control of the price. However, it is trading far from the EMA lines which indicates a short-term retracement or a narrow-range consolidation can happen in the upcoming days.
The Relative Strength Index is at 71.06 which is the overbought territory. The RSI line is sloping in the downward direction and is coming back from the over-bought territory. The downward sloping of the RSI line may take support from its level after which the bulls can again be seen taking control of the situation in their hands.
EGLD Price Formed Three White Soldiers Pattern
The EGLD coin price has formed three white soldiers patterns in the weekly timeframe which is a bullish continuation pattern. This shows the buyers are preparing for a long-term bull run in the bigger timeframe also.
The continuation of the bull run will trigger after the price closes above the $34.35 resistance level. This will lead the price to rise to its next resistance at $39.42.
As long as the EGLD price is sustained above the $28.00 support level the price has chances to initiate a bullish rally. However, the closing of the price below this level can create chaos among the buyers which can lead the price to fall. If this happens the price may fall to its next support at $22.34.
Conclusion
The EGLD seems to have the potential to commence a long-term bull rally. Based on the current scenario and overall crypto market which is bullish the future price prediction for EGLD is bullish.
The technical analysis and technical indicators suggest the EGLD has a strong hold of buyers and can achieve upside targets in the future.
Technical levels
Resistance Levels: $34.35 and $39.42.
Support Levels: $28.00 and $22.34.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.