Elrond Price Prediction: EGLD needs to close above multiple resistance barriers to trigger a 70% upswing


  • Elrond price attempts to break out of the bull flag upper trendline for the second time in four days.
  • EGLD upswing faces a cloud of resistance around $170, delaying its breakout.
  • Bollinger Band convergence shows that Elrond is stuck inside a no-trade zone ranging from $129 to $163.
  • A spike in selling pressure could push EGLD below the long-length EMA, triggering a sell-off to $81.

Elrond price faces a collection of resistance from multiple technical indicators as it tries to break out of the bull flag pattern for the second time. A rejection here will prolong EGLD’s consolidation and result in a downtrend.

Elrond price faces prolonged consolidation

Elrond price action from February 1 to-date has resulted in the formation of a bull-flag pattern. The upswing from February 1 to 9 formed a “flag pole” and the consolidation seen since then has developed a “flag.”

The continuation pattern stipulates a bullish trajectory of 73%. This target is the distance between the flagpole's top and the base measured from the breakout point at $141. So, a six-hour candlestick close above $166 will not only signal the end of the bull flag but also hint at the start of a new uptrend.

However, resistance barriers present above the current price level suggest that this breakout will not be a walk in the park. Elrond has faced rejection from the SuperTrend indicator’s buy signal around the $163 level, which has resulted in a dip below the short and medium-length EMAs. Now, EGLD eyes to test the long-length EMA’s support at $125.

EGLD/USDT 6-hour chart

EGLD/USDT 6-hour chart

Additionally, Elrond is getting squeezed as the Bollinger Bands converge. As long as EGLD remains in the no-trade zone ranging from $129 to $163, there won’t be any significant price movements. Hence, a six-hour candlestick close above $163 would establish the uptrend’s resumption and concur with the bullish trajectory.

EGLD/USDT 6-hour chart

EGLD/USDT 6-hour chart

However, a six-hour candlestick close below $129 would indicate increasing bearish momentum.  A breakdown of this support level could trigger a 35% sell-off to $81 or the bull flag lower trendline. At such level, EGLD bulls might give the bullish breakout another go.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?  

More Litecoin News
Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.

More Bitcoin News
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.

More Cryptocurrencies News
Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.

More Bitcoin News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP