Bullish Pattern Sets Elrond Coin For 10% Hike
Published 11 hours ago
Amid the recent relief rally in the crypto market, the Elrond coin price bounced back from the $51.8 support and surged 11.5% higher. This development allowed buyers to rechallenge the $58 neckline resistance of a cup and handle pattern. In response to this pattern, the prices are more likely to break this resistance to bolster the bullish rally further.
Key points:
- The bullish breakout from $58 could accelerate the ongoing recovery.
- The daily-RSI slope wavering around 61% amid ongoing consolidation indicates bullish market sentiment.
- The intraday trading volume in the EGLD coin is $59 Million, indicating a 44.6% gain.
Source-Tradingview
The Elrond daily time frame chart shows the formation of a cup and handles pattern. In theory, this pattern represents a rounding bottom recovery which undermines the last correction phase, followed by a consolidation phase(handle portion).
The Elrond coin price currently trades at the $57.2 mark and tries to break the patterns neckline resistance of $58. A daily candle closing above this resistance will offer buyers a higher footing to carry forward its recovery.
Thus, the post-breakout rally should drive the prices 10% higher to hit the $63.5, followed by the $70 mark.
On a contrary note, if the market sentiment remains bearish, the altcoin will eventually lose the bullish momentum and revert lower. Thus, a breakdown from $51.8 will offset the bullish pattern and may slump the Elrond price back to $45.8.
Technical Indicator
EMAs: the altcoin bounced back from the 20-and-50-day EMA amid the ongoing consolidation, indicating these EMAs are flipped into suitable support. However, the rising prices could face additional resistance from the 100-day at $58.
MACD indicator: the MACD and the signal line moving above the neutral indicator, or the buyers still have the upper hand. However, the short spread within these slopes accentuates the s loss of bullish momentum.
Elrond Coin Price Intraday Levels
- Spot rate: $57.07
- Trend: Sidewaysys
- Volatility: High
- Resistance levels- $578, and $63.5
- Support levels- $51.8 and $45.8
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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