Elrond Price Forecast: EGLD bearish impulses threaten slump to $100

The SuperTrend indicator recently presented a signal to short Elrond on the 4-hour chart.
The persistent declines from the high at $165 are likely to rise, breaking under the descending channel's middle boundary.
The TD Sequential indicator recently presented a couple of buy signals hinting at possible recovery.

Elrond has sustained a downtrend for over seven days and, after the recovery in the first week of March, hit a barrier at $165. The declines increased momentum amid Monday's widespread bearish wave. Meanwhile, EGLD struggles to hold onto a key technical pattern's support.

Elrond hunting for formidable support area

Elrond is pivotal at the descending channel's middle boundary. A break under this level will see the token's bearish leg extend under $120 and test the channel's lower edge. Overhead pressure is made apparent by the trading beneath all the applied moving averages. Note that continued downward action could lead to panic-selling among investors, thus opening the road for losses toward $100.

EGLD/USD 4-hour chart

The-hour SuperTrend indicator recently flipped massively bearish, suggesting that it was time to short Elrond. This indicator gives long-term trend signals. When the line turns red, it implies it is time to sell. On the other, when the line turns green and flips under the price, which suggests a time to buy the asset.

EGLD/USD 4-hour chart

Looking at the other side of the fence

The TD Sequential indicator has presented a couple of buy signals on the 4-hour and the 12-hour charts. These calls to buy in manifested in a red nine candlesticks and hint at the bearish momentum exhaustion as bullish impulse lingers.

EGLD/USD 4/12 hour charts

On the upside, if the channel's middle support holds, we are likely to see the calls to buy Elrond validated. Price action above the descending channel would trigger massive buy orders as EGLD sprints toward $200.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram