- 1 EGLD price prediction suggests a rise in the long term; but favors the bears in the short term.
- 2 EGLD price is trading below the 200- and 50-day EMA in a downtrend.
- 3 EGLD crypto price recovered 20% from the recent low but lacked momentum on the higher levels.
EGLD price prediction suggests a rise in the long term and that it might retest previous swing highs. However, for the short term, EGLD price is expected to trade with a mild bearish bias until the bulls are able to hold the 50-day EMA.
EGLD crypto price recovered 20% (approx.) from the recent swing low at $35.00 and showed signs of a bullish trend reversal. However, the confirmation of a trend reversal will come when prices will be able to trade above both EMAs.
EGLD price is currently trading at $42.14 with an intraday decline of -0.64% and 24-hour volume to market cap ratio of 0.0219. The pair of EGLD/BTC is trading at $0.001532 with an intraday decline of -1.03% which shows minor correlation between direction of both pairs. In January, EGLD price gained positive momentum and climbed above the 50-day EMA, which turned the short term trend in the upward direction.
EGLD price began to expand upside, forming higher high swings and rallied 37% (approx.) in one month. Mid-February, the rally halted at $54.00 and prices lacked momentum on the higher levels. EGLD price consolidated for a few weeks.
Will EGLD Price Reach $60 in the Next Phase of the Rally?
EGLD price got rejected from the 200-day EMA and started declining by forming lower-lows. Early March, the global cryptocurrency market sentiment also turned bearish which negatively impacted EGLD crypto and price lost all its previous gains.
Recently, EGLD price hit a low at $35.00, and prices showed a sharp recovery, indicating that responsive buyers are active at the lower levels. Therefore, $32.00 and $35.00 will act as important support zones for the bullish traders. Technical analysis suggests the probability of reaching $60.00 will only increase when the bulls are able to trade above the 200-day EMA. Till then, price is expected to consolidate in the narrow range.
EGLD price : Technical Outlook
EGLD price attempted to break out of the $48.00 hurdle level with a higher volume but the attempt failed and ended up as a bull trap. The MACD curve reversing down indicates mild bearishness. The RSI at 47 sloping sideways indicates equal selling and buying pressure.
EGLD price prediction suggest a rise in the long term. Prices will gain momentum only when bulls break out of the 200-day EMA. Technical analysis suggests that EGLD crypto price is in bearish grip and the probability of reaching $60.00 is low till the price trades below $54.00.
Resistance levels : $54.00 and $64.00
Support levels : $35.00 and $32.00
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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