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.
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.
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.
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.
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.