Here’s Why Elrond Coin Price May Rise 18% In The Coming Weeks

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.

Key points: 

• 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.

Source- Tradingview

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. 

Technical Indicator

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