EGLD price action shows a bullish reversal ready to challenge the long-coming resistance trendline. Will buyers surpass the trendline this time? 

Key technical points: 
<ul>
 	<li>The EGLD market value deflated by 2.71% in the last 24 hours. </li>
 	<li>Bollinger bands maintain a downward expansion phase. </li>
 	<li>The 24-hour trading volume of Elrond is $54 Million, indicating a rise of 12.81%.  </li>
</ul>
<h2>Past Performance of EGLD </h2>
With EGLD sellers taking over the trend control on April 1st, the 60% sharp reversal from $200 broke below the $100 mark. The downtrend generates a falling descending trendline that has kept the bullish attempts under control. Moreover, the $100 retest coming after the reversal at $75 shows a hesitance at a retracement and increases the trendline breakout chances. 

  <img src="https://s3.tradingview.com/snapshots/s/sV2zu0ir.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/sV2zu0ir/">Tradingview</a> 
<h2>EGLD Technical Analysis  </h2>
The EGLD price shows a higher price rejection from the $75 mark, and the midline of the Bollinger bands, teasing a potential reversal. However, the Bollinger bands project a slight bullish reversal leading to a potential contraction phase.  

The Stochastic RSI shows the K and D lines enter the overbought territory but struggle to maintain the bullish trend as the merger increases crossover possibility.   

On the other hand, the MACD and signal lines give a bullish crossover and trend higher to the zero line after a long-coming downtrend. Hence, the crossover starts a bullish trend in the MACD histograms, promoting the possibility of a bullish breakout. 

In short, EGLD technical analysis displays a high consolidation breakout possibility leading to a trendline breakout. 
<h2>Upcoming Trend </h2>
The breakout rally could push the EGLD prices up to the $120 mark if it exceeds the $100 mark, which would result in an increase of 35%. But, a bearish takeover could cause a drop of $75 before reaching the mark of $50. 

Resistance Levels: $100 and $120 

Support Levels: $75 and $50

EGLD Technical Analysis: Bearish Trendline Keeps Downtrend Going 

EGLD price action shows a bullish reversal ready to challenge the long-coming resistance trendline. Will buyers surpass the trendline this time? 

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

EGLD Technical Analysis: Bearish Trendline Keeps Downtrend Going

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