Elrond (EGLD) Will Rally To $80, But this Must First Happen

EGLD’s price shows a spark of strength as the price bounced off from $45 with good volume.  EGLD continues in a range-bound movement as the price aims to breakout ahead of a rally to $80.  The price of EGLD continues to trade above the 50 Exponential Moving Average (EMA) as the price creeps in on the daily timeframe. Despite market uncertainties that have affected the prices of many altcoins in recent weeks, the price of Elrond (EGLD) has remained strong. Elrond (EGLD) has held firm, defending its support as the price remains in a range, with a possible breakout as the price targets $80. The price of Bitcoin (BTC) rose from its low of $19,100 to $19,600 as it attempted to break through to $20,000. A successful breakout will result in relief bounces for the majority of the market’s crypto assets. (Data from Binance) Related Reading: Cardano Finds Breathing Room At $0.35 Support – Is This Enough For ADA? Elrond (EGLD) Price Analysis On The Weekly Chart. Despite experiencing some great price movement in recent weeks due to so many partnerships and great projects built on the Elrond network, EGLD has attracted the attention of traders and investors with its unique use case as many look for opportunities to buy. The bear market has had a fair share of the price of EGLD, as the price of EGLD dropped from a high of $500 to a weekly low of $40, where the price was able to form good support to hold sell-offs due to panic. The price of MATIC, after forming good support, price rallied to a high of $68, and the price was rejected to $45 despite showing great strength to break and close above this resistance. The rejection of EGLD from this region has led to the price range to build more buyers other than a break out of this range.  Weekly resistance for the price of EGLD – $70-$80. Weekly support for the price of EGLD – $45. Price Analysis Of EGLD On The Daily (1D) Chart In the daily timeframe, the price of EGLD continues to trade below its key resistance at $65; despite bouncing off from its daily low, the price of EGLD faces a test to breakout above $65. If the price of EGLD breaks and holds above $65, we could see the price of EGLD rally with a good volume to as high as $80, but if the price of EGLD fails to breakout price could be rejected back into its range of $45-$65. On the daily timeframe, the Relative Strength Index (RSI) for EGLD looks good after rallying from an oversold region, indicating good buy volume for EGLD. Daily resistance for the EGLD price – $65. Daily support for the EGLD price – $45. Related Reading: Polygon’s MATIC Price Prediction: Why Bulls Aim $1 or Higher Featured Image From Cryptoninjas, Charts From Tradingview

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Elrond (EGLD) Builds Bearish Sentiment, Will Price Coil Up To 80 Instead?

The price of Elrond (EGLD) has shown little relief bounce against Tether as it continues to range in its bearish flag pattern. Although relief bounces are shown by other cryptocurrencies across the market, with some double-digit gains, Elrond’s price has struggled to crack those gains. (Data from Binance) Related Reading: TA: Ethereum Loses Steam, Why 100 SMA Is The Key For More Gains Elrond Price Analysis On The Weekly Chart From the chart, the price of Elrond saw its weekly bottom at $40, and the price of EGLD bounced from that region to a price of $57 on the weekly chart as the price is unable to show much strength to trend higher. EGLD weekly candle closed with a bearish sentiment, with the new week’s candle looking indecisive.  The price has continued to show little or no traction; If the price of EGLD on the weekly chart maintains this structure, it could retest its low of $52 as this is the trendline support region on the weekly chart. For the price of EGLD to trend higher, it needs to break the resistance at $60 with a good volume to have a go at higher prices and double gains. Weekly resistance for the price of EGLD – $60. Weekly support for the price of EGLD – $52. Price Analysis Of EGLD On The Daily (1D) Chart The price of EGLD has found itself ranging in a bearish flag channel, trying to break out from what looks like a cage preventing the price from trending higher.  EGLD has found its price ranging between $52, acting as support, and $70 acting as the resistance for the price of EGLD. The price of EGLD needs to break out of this range and close above the $70 mark to trend higher to a region of $80. With more buy orders and volume, we could see EGLD retesting the upper range of $70 if the price fails to break out, going a retest of trendline support at $52 and lower if there is a market sell-off. EGLD is currently trading at $56, just below the 50 and 200 Exponential Moving Average (EMA), which corresponds to prices of $65 and $101, acting as resistances for EGLD price. On the daily chart, the Relative Strength Index (RSI) for the price of EGLD is below 40, indicating a low volume of buy orders. Daily (1D) resistance for EGLD price – $60-$70. Daily (1D) support for EGLD price – $52. Price Analysis Of EGLD On The Four-Hourly (4H) Chart The price of EGLD has shown a little bullish trend below the 200 EMA price, which correspond to $58, acting as resistance to the EGLD price. EGLD needs to break and hold above the 200 EMA to assume its bullish sentiment; if EGLD fails to break and hold above, we could see the price retesting its support levels at $52.  Four-Hourly (4H) resistance for EGLD price – $60-$70. Four-Hourly (4H) support for EGLD price – $52. Related Reading: Dogecoin Price Movement Thwarted By Sellers, What’s Next On Chart? Featured Image From zipmex, Charts From TradingView.com   

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Elrond (EGLD) Price Hits $324 ATH Amid Crypto Market’s Bullish Mode

Elrond (EGLD) price hits $324 ATH. The entire crypto market is also showing a bullish sign. Dubbed as “The Internet ...

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