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•EGLD/USD is currently priced at $38.36 and has decreased by 0.07% over the past day
•The trading volumes have decreased by 47.54% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: EGLD bears depict their prowess
The MultiversX (Elrond) price today is $38.86 USD with a 24-hour trading volume of $15,427,596 USD. MultiversX (Elrond) is down 0.07% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.01667 for the altcoin.
The Elrond bears have displayed their superiority over a vast majority of the time as the EGLD investors have been left entangled in a mess. A heavy downturn has ensued in the market which had led to the EGLD price moving below the 20,50 SMA on the four hour chart. The bulls will now be looking to escape further embarrassment and prevent the asset from tumbling below the $35 support level. The resistance, on the other hand, is placed at $50 on the other end of the spectrum.
Long Term View for EGLD
The Elrond bears have gone about their business with minimal fuss as is depicted by the decreasing strength of the green histograms on the daily chart. A bearish crossover is imminent in the coming days even as the MACD and signal lines continue to transact in the negative zone. The RSI, on the other hand, is showing that the asset is treading in troubled waters as it nears the oversold territory as it currently stands at 30.11.
Conclusion
With the emergence of the EGLD bears and the erosion of buyers in the market, the recovery of Elrond Coin seems like an unlikely event to occur anytime soon. The bearish trend is likely to continue in the days ahead.
Support: $35-$30
Resistance: $45-$50
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.
