Price Analysis

Elrond(EGLD) Price May Soon Attract the Bulls, This is Where it May Smash this Bull Run!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Dec 3, 2021

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While the beginning of the last trading month of 2021 was pretty bullish for most of the assets, yet some deep-dived into the bearish well. Elrond is one of them is on the verge to test the lower levels yet again. However, the asset may induce a huge bullish momentum and range high towards its immediate resistance levels soon. 

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The EGLD chart is showcasing the formation of a mountain with the peak located at the ATH around $544.25. At the times when Bitcoin price ranged high to smash ATH close to $70K, Elrond maintained a narrow trend. Further, as the BTC price consolidated, the EGLD price jumped into action. However, the assets appear to have shed most of the gains incurred in the past rally. Therefore retesting higher levels is become more crucial for the asset currently. 

The crypto is trying to flip the bearish divergence with minute candles, as the buyers still stay aloof. Moreover, the technical points are also lenient towards a bearish trend which may be a matter of concern now. While RSI is finding lower lows, MACD points out accumulated selling that the buyers are failing to match with. 

The bears appear to be well-positioned and hence a large influx of liquidity will only reignite with the uptrend. Until then the token is required to stay strong above the trend line, else it would be pretty difficult for the Elrond(EGLD) price to regain the lost momentum. Therefore an upcoming couple of hours may be important as the misty clouds over the next price movement may be cleared.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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