Sheldon McIntyre, CMT
Independent Analyst
- Elrond price consolidating above long-term moving average.
- Relative Strength Index (RSI) not overbought on the 4-hour, 12-hour, or daily charts.
- March 26 volume was the largest on a positive day since March 4.
Like the entire cryptocurrency complex, Elrond price suffered losses last week, but the 15.7% rebound on March 26 was an exclamation point on the conviction of buyers. Within two days from the low, EGLD recaptured the 50-day simple moving average (SMA) and triggered a double bottom pattern.
Elrond price measured move puts the 0.786 Fibonacci retracement level in play
EGLD has discovered disciplined support on the 50-day SMA over the three trading days after mildly reversing the double bottom breakout. It is a bullish development that fortifies it as a short consolidation of a robust rebound.
The double bottom measured move of 28.3% will carry EGLD to $191.17 from the double bottom trigger level at $149.05. The gain is just above the 0.786 Fibonacci retracement level of the February crash at $190.02.
On the path to a solid profit stands resistance at the March high at $165.00, followed by the 0.618 Fibonacci retracement level at $168.81.
EGLD/USD daily chart
A daily close below the 21-day SMA would counter the bullish narrative and may empower the bears to retrace the bounce from the March 25 low. The downside should be limited to the 0.50 retracement level from the all-time low to the all-time high.
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.
Recommended Content
Editors’ Picks
Crypto trading volume declines further, signaling waning trader enthusiasm and market momentum
The total crypto market capitalization lost $1.01 trillion since January, while Santiment data shows that crypto-wide trading volume has dropped since February’s peak. For a healthier and more sustainable recovery, bulls look for rising prices accompanied by increasing volumes; until trading activity picks up, cautious market sentiment is likely to prevail.
BNB price tops $570 as Binance receives $2 billion investment from Dubai
BNB price rose as high as $574 on Thursday as markets reacted to news that Binance received major investments from an Abu Dhabi based firm. Derivative markets analysis shows how BNB traders are repositioning amid the latest swings in market sentiment.
PEPE price outperforming DOGE and SHIB as US CPI boosts Crypto markets
PEPE price crossed the $0.00007 for the first time this week as markets reacted to positive macro market signals. Early insights show crypto traders are displaying high risk appetite at the onset of the current market rally. Could this sustain PEPE price uptrend along with the rest of the memecoin market.
XRP records slight gains as Ripple's battle with SEC nears end
Ripple's XRP recorded a 2% gain on Wednesday following rumors of the company nearing an agreement with the Securities & Exchange Commission (SEC) to end their four-year legal battle.
Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin price extends its decline on Friday, falling over 5% so far this week. BTC uncertainty and volatility spikes liquidated $1.67 billion as the first-ever White House Crypto Summit takes place on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.