EGLD Price Analysis: Elrond rises as buyers pile on the ascent

•EGLD/USD is currently priced at $55.96 and has increased by 2.30% over the past day

•The trading volumes have increased by 53.07% over the past day 

•The technical indicators suggest a positive outlook for the near term 

Short Term View: Sentiment remains positive regarding EGLD

The live Elrond price today is $55.96 USD with a 24-hour trading volume of $53,542,202 USD. We update our EGLD to USD price in real-time. Elrond is up 2.30% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.04065 for the altcoin.

Elrond has been on a climb in recent days, with the constant influx of buyers providing support to the bullish rally. This has led to an incremental increase in the altcoin as the Elrond Price is currently transacting above the 20,50 SMA on the four hour chart. EGLD’s price successfully retested the strong support near $55. This suggests that buyers are defending the level aggressively and may yet provide further impetus to the rally. The continuation of the uptrend will push the Elrond price towards the threshold resistance placed at $60, an event that will provide respite to the investors and this event will be playing constantly on the bulls’ mind.

Long Term View for EGLD

The continued strength of the bullish rally is depicted by the technical indicators for Elrond as the RSI is currently transacting at 62.18 and looks primed for a run towards the overbought territory. The bullish strength is captured by the ever growing size of the green histograms on the daily chart as well. Moreover, the MACD and signal lines are transacting in the positive territory as the gap continues to widen between the two.

Conclusion 

If the Elrond bulls push price above the overhead resistance, the pair can climb even further. A break through and close above this resistance level would solidify the presence of the bulls.

Support: $55-$50

Resistance: $57-$60

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.