fxs_header_sponsor_anchor

Elrond Price Prediction: EGLD prepares for lift-off after clearing critical resistance barrier

  • Elrond price has cleared a crucial demand barrier that suggests its on the brink of an upswing.
  • A 13% rise to pre-crash levels at $216 seems likely.
  • The MRI’s State Trend Resistance level at $192.21 will be a pitstop for this upward trajectory.

Elrond Price formed a critical support barrier that could serve as a foothold for the upcoming surge.

Elrond price primed for 25% advance

Elrond price spent nearly three days consolidating into a daily demand zone that ranges from $144.58 to $164.33. The recent spike pushed EGLD out of the upper bounds, opening up a path to retest previous swing points.

The recently spawned Super Trend indicator’s buy signal on the 4-hour chart adds credence to this bullish outlook. Hence, if the bullish momentum continues to persist, investors can expect Elrond price to tap the Momentum Reversal Indicator’s State Trend Resistance at $192.21. 

This move, which is a 13% upswing, is the first leg of the rally. Surpassing this level could allow the bulls to push EGLD toward the pre-crash price of  $216.79.

All in all, Elrond price seems primed for a 25% upswing.

EGLD/USDT chart

On the flip side, if the sellers overwhelm the bulls and produce a decisive close below $143.58, it would invalidate the bullish outlook.

In such a case, Elrond price could retrace 11% to tap $126.15.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.