Published 51 mins ago
Amid the recent downfall in the crypto market, the Elrond price has shaped itself in a parallel channel pattern. The coin price witnessed a steady decline under the influence of this pattern over the past two months. Furthermore, the falling price had recently breached the multi-month support of $50. Thus, the post-breakdown Elrond Coin Price downfall was supposed to accelerate the bearish momentum and plunge the prices back to the June low of the $38 mark.
- The Elrond price has surged nearly 11.7% since last week
- The coin price gave a bullish breakout from the falling channel pattern
- The intraday trading volume in the EGLD coin is $56 Million, indicating a 130% gain.
Amidst the ongoing uncertainty in the crypto market, the sellers struggled to follow up on this breakdown. As a result, the altcoin prices resonated within a narrow range from $50 to $45. However, the coin traders respected the trading setup for channel pattern, and today the prices gave a massive breakout from the combined resistance overhead trendline and $50.
The Elrond coin price currently trades at $50.57, with an intraday growth of 5.11%.
Thus, the long bullish candle triggers the bullish continuation pattern, which should encourage a strong directional rally. The post-retest rally should bolster buyers to break through the $54.5 barriers and reach the 18% high level of $60.
On a contrary note, if the buyers fail to sustain above $50, the fake breakout scenario will replenish the bearish momentum.
Relative strength index: the daily-RSI slope surged above the midline, indicating the market sentiment is turning positive.
Bollinger band indicator: the coin price reached the indicator’s upper band suggesting a sharp growth in a short span. Thus, the altcoin is expected to consolidate above the breached $50 mark to validate sustainability above this level.
Elrond Coin Price Intraday Levels
- Spot rate: $50.5
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.54.5, and $0.6
- Support levels- $0.5 and $0.45
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.