The EGLD price accumulated gains along with the support levels for a couple of days and quickly spiked more than 13%. No doubt the asset faced a notable rejection, yet the price is continuing with the same uptrend.
The price is waiting for the end of exhaustion and this is when it may ignite a notable upswing. The asset appears to be primed to resume with the uptrend and hit the previous days above $210 by the end of the day.
The EGLD price ever since smashed the bottom below $130, chose to maintain an upswing including minor consolidation. The asset after each spike in the price accumulated strength by swinging within a narrow range for some time. And hence reached the $200 desired target levels. The asset faced a minor rejection as it tested the highs above $210, yet appears to be poised to continue with the uptrend ahead.
|Short-Term||After an interim pullback, the EGLD price is on the verge to pull a massive leg up to gain another 10% to 12% by the end of the day’s trade|
|Mid-Term||The price maintained a significant uptrend to reach the previous day’s highs and further attempted to maintain the same bullish momentum|
|Long-Term||Despite the asset being bullish in the short & mid-term yet it resides around the bottom levels and attempting to sustain the gain levels avoiding chances of a fakeout|
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||52.18 / 67.62||Neutral / Buy|
|MACD(12,26)||0.52 / 10.50||Buy / Buy|
|Average Directional Index(ADX)||26.39 / 52.06||Buy / Buy|
|Bull-Bear Power||1.23 / 33.26||Buy / Buy|
|Average True Range(ATR)||3.82||13.11|
The Elrond price is extremely bullish in all the time horizons. The RSI and MACD in both cases are surging high with accumulated buying volume. While the strength of the rally is pretty bullish, the asset is highly volatile in the long term. Yet the bull holds control in both STF & HTF, and hence a notable uptrend may be imminent.
On the other hand, the asset has surpassed pivotal resistance levels and is attempting to lay down an upswing towards the next targets. However, sealing the levels above $211 may ignite a strong uptrend towards the pivotal levels at $260. No doubt ATH is pretty far-off yet may be tested if the price begins the Q2 trade on a bullish note.
Additional Read: Top Crypto News Today, 29 March 2022.
Additional Read: Elrond Price Prediction
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