EGLD Lacks Buy Volume to Push It Into Short-Term Bull Cycle

Elrond (EGLD) has experienced a 6.87% price drop in the last 24 hours and a 7-day price drop of 12.37%, according to CoinMarketCap.

The price of EGLD is $134.53 and its total market cap is $2,948,720,574 – ranking it 39th on CoinMarketCap’s list of biggest crypto projects. The 24 hour trading volume of EGLD stands at $111,960,922, which is worth approximately 830,167 EGLD at current prices. This is a 41.67% increase in trading activity over the last 24 hours.

The 24 hour high for EGLD is $146.92 and the 24 hour low is $132.35. As things stand, ELGD is worth 0.003486 BTC and 0.04777 ETH.

As can be seen from the chart for EGLD/USD above, EGLD is currently in a bear cycle. However, similar to what’s seen in the majority of the rest of the crypto market, trading activity for EGLD is relatively flat.

It can be said that the outlook for EGLD is more neutral as technical momentum indicators suggest that the price movement downwards has lost its strength. It seems EGLD traders are waiting for something to happen, an event that could help establish a clearer direction for EGLD’s price.

MACD suggests that a bullish cross could occur soon as the signal line narrows the gap to the EMA line. However, the confirmation will be when a bullish cross occurs with the 15 EMA and 50 EMA. The level of volume that the cross is accompanied by could better indicate the relative strength of the move.