Elrond Price Prediction: EGLD aims for a 30% rebound amind market’s recovery

Elrond price is contained inside a parallel channel on the 4-hour chart.
The cryptocurrency market has experienced a significant rebound in the past 24 hours.
The digital asset faces only one critical resistance level before a 30% breakout.

The cryptocurrency market had a significant recovery in the past 24 hours gaining $150 billion in market capitalization. Elrond price climbed from a low of $120 up to a current price of $138 and aims for more in the short-term.

Only this key level separates Elrond price from hitting $200 again

On the 4-hour chart, Elrond has established a parallel channel that favors the bulls as they have confirmed an uptrend. The key resistance trendline is established at $150 but EGLD also needs to see a candlestick close above the 100-SMA at $137.

EGLD/USD 4-hour chart

A breakout above the critical resistance point of $150 should push Elrond price towards $170 initially, but up to $200 in the longer-term as there isn’t a lot of resistance to the upside.

On the other hand, a candlestick close below the 100-SMA would be a bearish sign in the short-term which could drive Elrond price down to the middle of the channel at $126, coinciding with the 50-SMA. Losing this support level would push EGLD down to $100.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.