EGLD Bearish Trading at $118.61 – Technical Analysis
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EGLD Bearish Trading at $118.61 – Technical Analysis

March 25, 2021      Ankita Awasthi

Elrond is a blockchain network that is massively scalable, speedy, and cost-efficient. It is a developer-friendly platform that allows developers, businesses, and miners to actively participate in building a new internet economy. Developers can build distributed apps with ease on this platform. EGLD is the native token of this network. EGLD performed impressively in Feb 2021.

Past Performance

On March 18, 2021, EGLD started trading at $135.75. As of March 24, 2021, EGLD closed at $120.40. Thus, in the past week, the EGLD price has declined by approximately 11.31%. In the last 24 hours, EGLD has traded between $115.77-$135.62.

EGLD Price Analysis

https://www.tradingview.com/x/1MZc8IeL

 

Day-Ahead and Tomorrow

Currently, EGLD is trading at $118.61. The price has dropped from the opening price of $120.40. Thus, the market looks bearish.

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The A/D indicator is downward sloping. Thus, whale distributions are higher than whale accumulations. Heavy offloading activity will exert downward pressure on the EGLD price. Thus, the price is likely to go down further.

The MACD and signal lines are in the negative region. A bearish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is bearish. Hence, we can expect the price to drop further. However, since both the lines are very close to the zero line they may become positive soon. Thus, we can expect a trend reversal.

The RSI indicator is currently at 35%. It faced rejection at 48% and fell to the current level. Thus, selling pressures are very high. It is a good time for swing traders to go long as the price is poised to fall further.

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EGLD Price Analysis

Currently, the price has fallen below the first Fibonacci pivot support level of $116.35. By the end of the day, if bears continue to be strong, the price may fall below the subsequent support levels of $111.66 and $104.08 respectively.

The price is inching closer to the 23.6% FIB extension level of $111.08. As the bearish trend is very strong, we can expect the price downtrend to continue today as well as tomorrow.

#EGLD #Elrond
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.