EGLD bulls mark 19 percent gains, as price breaks above $280
The Elrond price analysis is in favor of bulls as the price has increased today again, following yesterday’s upwards trend. Overall, EGD has been on a downtrend since 23rd November, after the price peaking at $492 all-time high on 22nd November. But the ongoing downtrend now seems to be reversing as bulls have shown remarkable progress since yesterday. The market has been showing positive sentiment towards EGLD/USD pair. The coin’s price is near resistance at the $288 level, where EGLD might observe some pressure, and then bulls may start to march towards the $297 more crucial resistance level.
EGLD/USD 1-day price chart: bulls gain 19 percent overnight
The 1-day price chart for Elrond price analysis shows a good recovery from the bullish side, as today the bulls seem to be challenging the downtrend, as, for the first time, the EGLD is going to mark a higher high after the decline started. Currently, the EGLD/USD pair is trading at $282.6 at the time of writing.
The crypto pair had gained 19.7 percent value during the last 24 hours and showed an increase in value by 0.32 percent over the course of the last seven days due to the downtrend going on earlier when the EGLD/USD observed continuous decline. EGLD/USD trading volume has also increased by 12.5 percent, and the market cap has also increased by more than 19 percent.
The EGLD/USD is under high volatility as the Bollinger bands are expanded, and now the indicator has taken a downwards breakout, as the upper band is now converging more as compared to the lower band going further up. The mean average of the indicator shows a resistance zone for the price at the $320 mark. The price has takeover the MA level, which is a further bullish indication.
The relative strength index (RSI) is on a steep angle moving towards the center of the neutral zone at index 44; though the RSI indicator is still in the neutral zone, its sharp curve indicates the intensifying buying activity in the market, which is helping the price function in moving upwards.
Elrond price analysis: Recent developments and further technical indications
The 4-hour Elrond price analysis shows the price function has been oscillating upwards from the last 32 hours. The price breakup was downwards yesterday, but soon bulls took over the price function, and since then, the price has been continuously covering a range upwards. Today the price has also broken above the upper limit of the volatility indicator.
The volatility has started to increase on the 4-hour chart as the Bollinger bands are diverging again, with the upper band reaching the $278 mark representing support for the coin’s price, and the lower band has reached the $225 mark. The RSI is near the border of the overbought region, trading at index 66 on an upwards curve. However, the curve has gotten a little mild as the price is present near a resistance zone at $288, as some selling pressure exists here.
Elrond price analysis: Conclusion
The Elrond price analysis shows the bullish momentum has been intensifying from the last 32 hours. The coin has recovered well during this time and may reverse the larger downtrend. As the bulls have been on the run since yesterday and the price has reached near a resistance level as well, we expect EGLD to correct a little before rallying further high later today.
Source:cryptopolitan.com
