Elrond was rising before leveling off at around $54.40. The EGL price has recently broken through a key price resistance level, rising above $56.37.<\/p>\n
On weekly, biweekly, and monthly time frames, Elrond has been performing bullishly, based on data by\u00a0Coingecko<\/a>, Thursday.<\/p>\n This bullish movement may have been prompted by recent events. On September 22nd, Opera users who have enabled the built-in crypto wallet will be able to utilize EGLD. The market may react to these events by increasing the price.<\/p>\n But will EGLD\u2019s price be able to continue to push above the $55 barrier \u2013 or will that level finally prove to be too much to overcome? Bulls are eyeing the $65 mark, but even that proves to be a major challenge.<\/p>\n A Clue To The Puzzle That Is Elrond<\/p>\n The token is trading at $56.19, which is a loss as of this writing. The recent market action has established a bullish cup and handle pattern, which should help push prices through the $57.84 barrier, data from Coingecko show.<\/p>\n At the time of writing, both the RSI and Chaikin\u2019s money flow index show bullish convergence, which is excellent news for the altcoin as a whole. The momentum indicator, however, shows that bullish enthusiasm is losing steam.<\/p>\n Despite the construction of a cup and handle, this may be a negative indication for the market. The 50-day and 100-day simple moving\u00a0 averages are also providing dynamic support for the potential bull run.<\/p>\n\n Chart: TradingView Now that the technicalities are out of the way, we can claim that EGLD is currently slowing<\/a> down. This may be an indication that a correction phase will occur in the next days or weeks.<\/p>\n With present support around $54.40 and resistance at $57.80, the bulls have a very narrow margin of error.<\/p>\n The momentum deceleration may propagate to other indications, compelling bulls to make decisions that will inevitably exert downward pressure on the coin.<\/p>\n The prior rejection of $57.80 may signify the beginning of a market correction. The present sideways price trend does not portend well for the token, particularly in the immediate term.<\/p>\n The tight ascending triangle for the handle of the cup will not aid EGLD investors and traders in achieving the anticipated relief rally.<\/p>\n As of this writing, bears have seized control of the Elrond market and are creating a downturn. Traders should focus on the shorter time frames.<\/p>\n If the bears ever gain sufficient momentum, a defense at $51.76 and a fallback at $46.16 will halt the downturn.<\/p>\n\n EGLD\/USD pair trading at $57.97 billion on the daily chart | Featured image from Bankless Times, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Elrond was rising before leveling off at around $54.40. The EGL price has recently broken through a key price resistance level, rising above $56.37.<\/p>\n On weekly, biweekly, and monthly time frames, Elrond has been performing bullishly, based on data by\u00a0Coingecko<\/a>, Thursday.<\/p>\n This bullish movement may have been prompted by recent events. On September 22nd, Opera users who have enabled the built-in crypto wallet will be able to utilize EGLD. The market may react to these events by increasing the price.<\/p>\n But will EGLD\u2019s price be able to continue to push above the $55 barrier \u2013 or will that level finally prove to be too much to overcome? Bulls are eyeing the $65 mark, but even that proves to be a major challenge.<\/p>\n A Clue To The Puzzle That Is Elrond<\/p>\n The token is trading at $56.19, which is a loss as of this writing. The recent market action has established a bullish cup and handle pattern, which should help push prices through the $57.84 barrier, data from Coingecko show.<\/p>\n At the time of writing, both the RSI and Chaikin\u2019s money flow index show bullish convergence, which is excellent news for the altcoin as a whole. The momentum indicator, however, shows that bullish enthusiasm is losing steam.<\/p>\n Despite the construction of a cup and handle, this may be a negative indication for the market. The 50-day and 100-day simple moving\u00a0 averages are also providing dynamic support for the potential bull run.<\/p>\n Chart: TradingView
\nEGLD: Bull \u2013 Or Bear Run?<\/p>\n
\nEGLD: Bull \u2013 Or Bear Run?<\/p>\n