|

Elrond Price Prediction: EGLD bulls take charge, 30% ascent likely

  • Elrond price kick-started an exponential rally that could extend 30%.
  • A breach of $166.52 is the first checkpoint and confirms the second leg-up to $196.23.
  • If EGLD breaks below the $115.71 support barrier, it will invalidate the bullish thesis.

Elrond price journey from July 20 has been incredibly exponential, with little to no resistance except for its most recent encounter. After a brief period of consolidation, EGLD has managed to trigger a new leg-up.

Elrond price to go parabolic again

Elrond price sliced through the $133.28 support level on August 17. However, this spike in price came after a week of consolidation around it. So far, EGLD has climbed 11% but eyes a retest of the immediate resistance level at $166.52, roughly 9% away from the current position – $152.72.

If the buying pressure supports Elrond price to produce a decisive daily candlestick close above $166.52, it will indicate that the chances of continuing this upswing are higher. In such a case, EGLD could rise to the next ceiling at $196.23.

This climb from $152.72 to $196.23 would represent a 30% ascent. Although Elrond price could proceed higher, a correction might likely ensue here.

EGLD/USDT 1-day chart

EGLD/USDT 1-day chart

On the other hand, if the current upswing fails to breach the $166.52 support level, it will denote a weakness among buyers and a lack of bullish momentum. This development could lead to a retest of the $137.28 demand barrier. If the selling pressure continues to build up, investors can expect EGLD to retest the subsequent foothold at $115.71.

While a new upswing might originate from this support barrier, its breakdown will invalidate the bullish thesis and potentially trigger a further descent to $97.83.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.

BTC, ETH and XRP post cautious recovery amid downside risks

Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week.  BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels. 

Top Crypto Gainers:  Morpho, Ether.fi, and Pippin rally amid market pressure

Altcoins, including Morpho, Ether.fi and Pippin are leading the gains over the last 24 hours as the broader cryptocurrency market remains under pressure. Technically, the recovery in MORPHO, ETHFI, and PIPPIN shows upside potential as buying pressure increases.

Hyperliquid registers mild gains following CoinShares' ETP launch

Hyperliquid (HYPE) registered a 3% gain on Tuesday after CoinShares announced the launch of its Physical Hyperliquid Staking exchange-traded product (ETP), offering investors exposure to the token's price and staking yields.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: No recovery in sight

Bitcoin (BTC) price continues to trade within a range-bound zone, hovering around $67,000 at the time of writing on Friday, and falling slightly so far this week, with no signs of recovery.