- The price of EGLD showed a little bit of strength after rebounding from $45 on strong volume.
- The price of EGLD is aiming to break out in advance of a rally to $80, but it is still moving in a range.
- On the daily timeframe, the price of EGLD continues to trade above the 50 Exponential Moving Average (EMA).
The price of Elrond (EGLD) has remained strong despite market uncertainties that have affected the prices of numerous altcoins in recent weeks. As the price remains in a range, Elrond (EGLD) has remained steadfast, defending its support, with a potential breakout occurring as the price reaches $80.In an effort to reach $20,000, the price of Bitcoin (BTC) climbed from its low of $19,100 to $19,600. Relief bounces will occur for the majority of the market’s crypto assets following a successful breakout.(From Binance data)
Elrond (EGLD)’s Weekly Chart Price Analysis
EGLD has attracted the attention of traders and investors due to its singular use case as many look for opportunities to buy, despite experiencing some great price movement in recent weeks as a result of numerous partnerships and excellent projects built on the Elrond network.
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 caused by panic, the bear market has had a fair share of the price.
After establishing strong support, the MATIC price reached a high of $68, but despite showing great strength to break and close above this resistance, it was rejected at $45 at that point. The price range has been established to attract more customers than EGLD’s rejection from this region.
Weekly resistance for the price of EGLD – $70-$80.
Weekly support for the price of EGLD – $45.
Analysis of EGLD’s Price on a Daily (1D) Chart
The price of EGLD continues to trade below its primary support level of $65 on a daily basis; The price of EGLD faces a challenge to rise above $65, even though it has recovered from its daily low.
The price of EGLD could rally with a lot of volume to as high as $80 if it breaks and stays above $65, but if it doesn’t, the price could be rejected back into its range of $45-$65.
The Relative Strength Index (RSI) for EGLD looks good on a daily basis after rising from an oversold region. This indicates that there is a lot of buy volume for EGLD.
Daily resistance for the EGLD price – $65.
Daily support for the EGLD price – $45.
