- Elrond price restarts its 38% upswing after the recent crash.
- A higher high above $341 will signal a confirmation of the upswing.
- A breakdown of the $269 support level will invalidate the bullish thesis.
Elrond price breached a crucial bullish pattern on November 4 but began consolidating in a swift manner. This coiling up was met with selling pressure during the big crypto collapse. As things calm down, EGLD is giving its uptrend another try.
Elrond price looks for a comeback
Elrond price set up two equal highs at $302 and roughly four higher highs between September 14 and November 4. Connecting these swing points reveal the formation of an ascending triangle pattern.
This technical setup forecasts a 38% upswing to $420, obtained by measuring the distance between the first swing high and swing low to the breakout point of $302. This impending move puts EGLD’s upside potential at $420.
The last time Elrond price breached the horizontal trend line, it tagged the 100% trend-based Fibonacci extension at $341. The subsequent market crash pushed EGLD back under the said resistance barrier.
However, Elrond price seems to be quick in making a comeback as it has rallied 10% to where it currently stands at $313. Going forward, EGLD will face the $341 supply barrier, breaching which will propel it to the intended target at $420.
EGLD/USDT 4-hour chart
While things are looking a bit messy for Elrond price, a failure to set a higher high above $341 will indicate a lack of buying pressure. However, if the selling pressure increases, pushing EGLD below $269, it will create a lower low and invalidate the bullish thesis.
In such a situation, Elrond price could crash 9% to the $245 support floor or $222 in a dire case.
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