Elrond price must reclaim critical support point for a 50% move to the upside

Elrond price is contained inside a symmetrical triangle pattern on the 12-hour chart.
The digital asset is on the verge of a colossal 50% move within the next 24 hours.
A key indicator has presented a strong sell signal in favor of the bears.

Elrond has been trading inside a tightening range for the past three weeks and is poised for a massive breakout or breakdown within the next 24 hours.

Elrond price must climb above key level to see a 50% breakout

On the 12-hour chart, Elrond is right at the end of a symmetrical triangle pattern. There is a key resistance trendline formed at $150. A breakout above this point should drive Elrond to new all-time highs at $225.

EGLD/USD 12-hour chart

The pattern is on the brink of a breakout or breakdown. The entire cryptocurrency market is bullish, which should help EGLD buyers push the digital asset above the critical point.

EGLD/USD daily chart

However, on the daily chart, the TD Sequential indicator has presented a sell signal giving power to the bears. A breakdown below the lower boundary of the symmetrical triangle pattern will drive Elrond price down by 50%.

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