Elrond Price Forecast: EGLD bounded between two key levels, awaits major move
- Elrond price is contained inside a significant symmetrical triangle pattern.
- The digital asset faces several critical resistance points on way up.
- EGLD is on the verge of 45% move within next few days.
The Elrond price has been trading inside a tightening range for several weeks now and seems to be on the verge of a potential 45% breakout or breakdown. The digital asset faces steep resistance ahead but also has robust support.
Elrond price on brink of massive move
On the 12-hour chart, the Elrond price has established a symmetrical triangle pattern forming the top trend line at about $148. The lower support level is $125.
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EGLD/USD 12-hour chart
The digital asset faces a lot of resistance ahead as the 50 and 100 SMAs both coincide at $140. Bulls must pass above these two levels and then break $148 for a massive move toward $212.
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EGLD/USD 12-hour chart
On the other hand, a rejection from $140 would lead EGLD down to $124. A breakdown below this key level will drive the Elrond price toward $67.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
