Elrond Price Analysis: EGLD Coin Has Reached A Crucial Support After Displaying V Top Bearish Reversal

Source : coingape.com

On November 23th, the EGLD coin made a New All-Time High of $542. After experiencing intense selling pressure from this level, the coin price dropped faster and plunged to the $300 support. The technical chart shows a clear V-top reversal pattern for coins; however, the battle to reclaim the $300 mark continues.

Key technical points:

  • The EGLD coin daily RSI chart shows a significant drop in its value
  • The dynamic support 50-day is flipped to a strong resistance now
  • The intraday trading volume in the EGLD coin is $301.7 Million, indicating a 51.28% loss.

Source- EGLD/USD chart by Tradingview

The last time when we covered an article on EGLD/USD, the coin price breached a significant resistance level of $300. After taking its sweet time to sustain above this level, the coin initiated a significant rally, making a new ATH of $542.

Later, the coin faced strong rejection from this new resistance and began a bearish reversal that dropped the price 44% to the same support level of $300.

Furthermore, the coin price is still trading above-trend defining 100 and 200 EMA, indicating a bullish alignment. Moreover, the 50 EMA line that previously provided strong support to the price is reversed to serve as resistance.                                                                                          

The Relative Strength Index(46) showed a striking drop in its value concerning the coins price action.

EGLD/USD 4-hour Time Frame Chart

TradingView Chart

Source- EGLD/USD chart by Tradingview

On December 4th, the crypto was hit by a sudden sell-off that shattered important support levels for many cryptocurrencies. But, unlike the other crypto coins, the EGLD price held above the $300 mark, displaying a long wick candle. As of today, the sellers are still fighting to reclaim this bottom level.

According to traditional pivot levels, the crypto traders can expect the nearest resistance at $353, then $448. As for the opposite end, the support levels are $292 and $200.

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Disclaimer
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.
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