• Elrond price creates extremely bullish breakout conditions, but lackluster follow-through hints at a bull trap.
  • Key support levels below must be broken for bears to take control; they must hold as support for bulls to attempt new highs.
  • $145 is the target value area for bears.

Elrond price has one the most bullish and positive-looking cryptocurrencies charts in the entire crypto space. Every condition that needs to be fulfilled for an undeniable bullish continuation move within the Ichimoku Kinko Hyo system is present – but the follow-through from buyers has yet to occur.

Elrond price faces weak participation from buyers after a major three-day rally

Elrond price will need bulls to defend a significant support zone between $218 and $225. The 38.2% Fibonacci retracement, Tenkan-Sen and Kijun-Sen all share that value area. It should be difficult for sellers to crash below that confluence zone of support.

However, the response from buyers after a strong three-day rally has been disappointing. This is especially true when such an amazingly bullish close on Thursday saw Elrond price find support against the Kijun-Sen and then burst through and close above the Tenkan-Sen. Yet buyers remain placid.

EGLD/USDT Daily Ichimoku Chart

If Elrond price is pushed below the confluence zone between $218 and $225, bears' target zone is at $145. $145 contains the 2021 Volume-Point-Of-Control, the 100% Fibonacci expansion, and Senkou Span A. There is a strong possibility of this occurring as a bear flag exists on the Relative Strength Index and the Optex bands are nowhere near an extreme oversold condition.

To invalidate any incoming bearish pressure on Elrond price, bulls need to push for a close above the Thursday high of $259. In addition, the Composite Index would also need to avoid creating any bearish divergence.


Like this article? Help us with some feedback by answering this survey:


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


Recommended Content

Editors’ Picks

Shiba Inu Price Forecast: SHIB holders unload 61.5 billion tokens in the last ten days

Shiba Inu Price Forecast: SHIB holders unload 61.5 billion tokens in the last ten days

Shiba Inu (SHIB) price is hovering around $0.000013 on Tuesday after dropping nearly 12% the previous day. Supply Distribution data shows that whale wallets have decreased SHIB holdings in the last ten days.

More Shiba Inu News
XRP eyes further downside as Trump to implement tariffs on Mexico, Canada, in March

XRP eyes further downside as Trump to implement tariffs on Mexico, Canada, in March

Ripple's XRP joined the wider crypto market decline, plunging nearly 10% on Monday following President Donald Trump reiterating that the US will kick off tariffs on Mexico and Canada.

More Ripple News
Raydium drops 35% on speculation of PumpFun’s Automated Market Maker development

Raydium drops 35% on speculation of PumpFun’s Automated Market Maker development

Raydium (RAY) price trades around $3 on Tuesday after dropping almost 35% the previous day. This price crash was due to the rumors of a competing Automated Market Maker being developed by PumpFun and losing $334 million in market capitalization

More Raydium News
Crypto Today: USDC approved in Dubai, SOL, ETH and BTC in turmoil, as Trump tariffs spark $200B losses

Crypto Today: USDC approved in Dubai, SOL, ETH and BTC in turmoil, as Trump tariffs spark $200B losses

Cryptocurrency markets declined 7% on Monday, as cascading $208 billion liquidations shaved $80 billion off the sector’s aggregate valuation.

More Cryptocurrencies News
Bitcoin: BTC demand and liquidity conditions remain weak

Bitcoin: BTC demand and liquidity conditions remain weak

Bitcoin price has been consolidating between $94,000 and $100,000 since early February, hovering around $98,000 at the time of writing on Friday. Despite this consolidation, US Bitcoin spot ETFs data recorded a total net outflow of $489.60 million until Thursday, hinting signs of weakness among institutional investors. 

Read full analysis
The Best brokers to trade EUR/USD

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.

Read More

BTC

ETH

XRP