Lorenzo Stroe
Independent Analyst
- Elrond price is contained inside a descending wedge pattern on the 9-hour chart.
- The digital asset is on the verge of a breakout towards $180.
- A key indicator has presented a buy signal that gives the upper hand to the bulls.
After hitting an all-time high of $217 on February 9, Elrond price has suffered a significant pullback down to $65.6 on February 15, but bulls managed to buy most of it pushing the digital asset up to $140.
Elrond price on the brink of a breakout to $180
On the 9-hour chart, Elrond has established a descending wedge pattern which is really close to a breakout or breakdown. The key resistance level is established at $148 and support at $127.
EGLD/USD 9-hour chart
The TD Sequential indicator has just presented a buy signal on the 9-hour chart giving the upper hand to the bulls. A breakout above $148 can quickly push Elrond price towards $180, a 22% move calculated by using the maximum height of the wedge pattern.
EGLD/USD 12-hour chart
On the 12-hour chart, to invalidate the bullish outlook, bears have to crack the 26-EMA support level at $138, which has been an accurate guide since December 2020. Losing this key level can drive Elrond price down to $118, the 50% Fibonacci Retracement level and as low as $95, at the 38.2% level.
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