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•EGLD/USD is currently priced at $137.56 and has increased by 6.90% over the past day
•The technical indicators suggest a positive outlook for the near term
•The trading volumes have increased by 78.19% over the past day
Short Term View: Elrond amongst the most abuzz as bulls lead the charge
The Elrond price today is $137.56 USD with a 24-hour trading volume of $142,228,862 USD. Elrond is up 6.90% in the last 24 hours. The trading volumes have increased manifolds over the past day amid a surge of bullish momentum. The Volume to Market Cap Ratio stands at 0.04724 for the altcoin.
EGLD Coin has been falling since reaching an all-time high price of $542.58 on Nov 23, 2021. The asset has shown signs of recovery recently as it is currently transacting above the 20,50 SMA on the four hour chart, amid significant buying pressure. The buyers’ bullish objective is set at $147. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at $158.29. An alternative scenario of moving into a downward trend without a local increase in EGLD Coin prices will take effect only after testing the local mark of $130.56 and fixing the price below $120.
Long Term View for Elrond
The Relative Strength index for Elrond is moving towards the half way line (50), which indicates a bullish sentiment as it is currently transacting at 42.29. However, the RSI chart displays a clear bearish divergence, suggesting a slight weakness among the coin buyers. The MACD indicator, on the other hand, could witness the development of a bullish crossover on the daily chart if the bulls keep up the pressure. This will be accompanied by the red histograms giving way to the green ones on the daily chart as well, which will provide further incentive to the bulls.
Conclusion
In the short term, the general bullish sentiment for Elrond is confirmed by technical indicators. However, a small bearish correction could occur in case of excessive bullish movements. The next couple of days will provide us with an insight into the future course of the coin.
Support: $130.56
Resistance: $147-$158.29
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
