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Cryptoknowmics 2022-05-17 19:49:03

EGLD Technical Analysis: Rising Channel Prepares $100 Breakout

EGLD prices continue to grow within a parallel channel and increase the chances of a prolonged uptrend above the psychological mark of $100. Key technical points: EGLD prices grew 30% within the rising channel. The RSI values in a shorter timeframe reach the overbought status. The 24-hour trading volume of Elrond is $88 Million, indicating a 16.57% increase. Past Performance of EGLD As mentioned in our previous analysis, EGLD prices break under the crucial descending support trendline resulting in a fall to $120 on that very day. However, the price returned from $120 to retest the broken trendline upon which the post-retest reversal broke the psychological level of $100. Nonetheless, the buyers stepping in at $75 bring back favorable inflation rates with a rising channel pattern. Source-Tradingview EGLD Technical Analysis The rising channel pattern maintains the uptrend in EGLD prices and teases the $100 breakout. Late traders can expect this breakout rally to reach the height of $120 at least. Last week, the phenomenal increase in supply brought significant change in the crucial EMAs (50, 100, and 200-days), increasing the bearish spread. The remarkable ongoing uptrend in RSI values starting from the oversold territory surpasses the halfway lines and approaches the overbought territory. Moreover, the lack of bearish increases the chances of a prolonged uptrend. The DI lines of the DMI indicator reflect a bullish crossover as ...

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