Elrond Price Analysis: When will EGLD Crypto Escape this Range?

  • Elrond price has been caged inside the consolidation phase over the daily price chart.
  • EGLD crypto is still below 20, 50, 100 and 200-days Daily Moving Average.
  • The pair of EGLD/BTC is at 0.002391 BTC with an intraday gain of 0.92%.

Elrond’s token is expected to rise if the company continues to focus on increasing the platform’s dependability and cross-chain functionality. The rise in the price of the EGLD token indicates that Elrond is trying to improve its capabilities and gain some momentum in an upward trend over the daily chart. The EGLD coin price is attempting to catch up to a strong upward trend over the chart, however EGLD right now needs to attract more buyers. The token, however, has had a fascinating roller coaster ride up until this point. The token initially entered a symmetrical triangle pattern before being rejected from it and being stuck inside the descending triangle pattern. The EGLD coin, however, is currently consolidating inside the horizontal range.

Elrond price is now CMP at $51.25, up 3.50 percent in the last 24 hours in terms of market capitalization. The volume of trades decreased by 18.8 percent during intraday trading. This illustrates that while the EGLD currency prepares for a bullish advance, buyers are lured to it. Despite its strong momentum, EGL could see a short sell-off given the present unfavorable market conditions. Bulls in EGLD must be very dedicated in order to maintain this bullish trend. Volume to market cap ratio is 0.02854.

The Elornd coin price is striving to strengthen bulls and establish a strong uptrend momentum on the daily chart. Elrond is reportedly a wonderful and exciting concept with a tone of promise. After reaching an all-time high of $558 in November 2021, the price of the EGLD token has been falling since the beginning of 2022. The token is now restrained between $46.50 and $65.00, nevertheless. Volume change, which is now below average, must increase for EGLD to move towards the upper range.

What do Technical Indicators suggest about EGLD?

The price of the EGLD coin is trending upwards over the daily chart. It will take some time to determine whether bulls will hold the present level or decline. The EGLD coin appears to be on an uptrend, according to technical indicators.

The relative strength index (RSI) demonstrates the EGLD coin’s upward momentum. The RSI is at 46 and is getting ready to leave neutrality. The MACD shows the EGLD coin’s sideways motion. However, there is a small gap between the MACD line and the signal line. Investors in EGLD must watch the daily price chart for any directional changes.

Conclusion

Elrond’s token is expected to rise if the company continues to focus on increasing the platform’s dependability and cross-chain functionality. The rise in the price of the EGLD token indicates that Elrond is trying to improve its capabilities and gain some momentum in an upward trend over the daily chart. The EGLD coin price is attempting to catch up to a strong upward trend over the chart, however EGLD right now needs to attract more buyers. The token, however, has had a fascinating roller coaster ride up until this point. After reaching an all-time high of $558 in November 2021, the price of the EGLD token has been falling since the beginning of 2022. The token is now restrained between $46.50 and $65.00, nevertheless. Volume change, which is now below average, must increase for EGLD to move towards the upper range. The EGLD coin appears to be on an uptrend, according to technical indicators.

Technical Levels

Support Levels: $46.50

Resistance Levels: $65.00

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.