Here’s Why Elrond’s Price Recovery May Surpass $57.5 Barrier

Published 22 mins ago

The crypto market witnessing high volatility caused a minor consolidation in Elrond coin price. This sideways price action indicates that the buyers are struggling to surpass a local resistance of $57.5. Moreover, the technical chart shows the formation of the cup and handle pattern indicating a recovery opportunity for Elrond’s price.

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Key points:

  • The cup and handle pattern offers a 20% growth opportunity for EGLD holders
  • The ongoing recovery has reclaimed the 20-and-50-day EMA slope, reflecting an early sign of trend reversal
  • The intraday trading volume in the EGLD coin is $61.3 Million, indicating a 14% gain.

Elrond price Chart

Source- Tradingview

The Elrond coin price had maintained an extensive correction phase in a falling channel pattern accounting for a drop of 32%. However, in the recent days of market recovery, the Elrond coin price found momentum in the bull cycle resulting in a spike above the resistance trendline. 

However, the ongoing uncertainty has stalled the recovery rally at $57.5, leading to a cup and handle pattern in the daily chart. Additionally, the price trend consolidates within the 50 and 100-day EMA coiling the momentum before a sharp release. 

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Currently, the daily shows an intraday growth of 4.93%, leading to a morning star at the bullish crossover of 20 and 50-day EMA. Moreover, the bullish engulfing candle challenges the resistance confluence of the $57.5 neckline and the 100-day EMA. 

If the bullish trend continues, the Elrond prices will skyrocket with a breakout rally to reach the $67.5 mark. 

On the other hand, a trend reversal will nullify the bullish pattern and dump the market price to $51.5. 

Technical Indicator

Bollinger band indicator: the coin price rebounded from the indicator midline suggesting the traders are entering a price consolidation or correction

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MACD indicator: despite recent consolidation, the MACD and signal prevented a bearish crossover and sustained above the midline, indicating the buyers possess the upper hand.

Elrond Coin Price Intraday Levels

  • Spot rate: $56.09
  • Trend: Bullish
  • Volatility: High
  • Resistance levels- $57.5, and $62
  • Support levels- $51.5 and $45.8

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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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