Elrond Price Analysis: EGLD Coin maintains the breakout of its rounded bottom pattern

  • The RSI shows a slight bearish divergence in relation to the EGLD coin price
  • The EGLD / BTC pair traded at 0.00614 BTC for a gain of 2.93%
  • The 24-hour trading volume of the EGLD coin is $ 852.4 million

On September 12, the EGLD coin provided an excellent opportunity for crypto traders with the breakout of the rounded bottom pattern in the daily timeframe. This pattern suggests a strong bullish outlook as it shows a complete change from a downtrend to an uptrend. The key resistance (excerpt) for this pattern was the previous ATH (all time high) of $ 245, and today the price offers a retest at that level and offers crypto traders an entry point.

According to the EMAs, the EGLD coin is showing a strong uptrend, with the price hovering high above the all-important EMAs 20, 50, 100 and 200 EMA.

The RSI (BULLISH) The value stands at 81 which indicates a strong bullish sentiment within this coin. However, the RSI line suggests a slight bearish sentiment on price action, suggests decreasing strength of the market bulls.

EGLD Coin Crypto Chart in the 4 hour timeframe

The EGLD coin displayed a strong bullish engulfing candle at $ 245, suggesting that the price has enabled a reasonable retest for its breakout. Additionally, the crypto traders may also consider adding more quantity to their position once the price crosses the $ 300 mark, which should be the final confirmation of the round bottom pattern. The current price of the EGLD coin is $ 278.7, with an intraday gain of 4.54%

The MACD (BULLISH) shows that both the MACD line and the signal lines are moving above the neutral zone (0.00), indicating the bullish sentiment of the EGLD coin.

Diploma: From a technical point of view, the overall trend of the EGLD coin is strongly bullish and the trend traders should find favorable conditions to take a long trader. One such condition is the breakout of a rounded floor pattern where the EGLD trader can achieve a decent goal of 1-2 traditional pivot levels.

support– $ 245

resistance– $ 300

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