EGLD coin price surpasses the long-coming resistance trendline resulting in the triangle breakout. Will the breakout rally reach the $200 mark?

Key technical points:
<ul>
 	<li style="font-weight: 400">EGLD prices surpass the $165 mark.</li>
 	<li style="font-weight: 400">The 50-day EMA collapse forecasts a  jump to the 100-day EMA.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Elrond is $242 Million, marking a 36% rise. </li>
</ul>
<h2>Past Performance of EGLD</h2>
The EGLD coin price surpasses the $160 support level, and the long-coming resistance trendline sabotaged multiple bullish recoveries. The rally comes with the company of the support trendline resulting in the triangle breakout. Furthermore, the rally surpasses the 50-day EMA and heads higher to the 100-day EMA. 

<img src="https://s3.tradingview.com/snapshots/a/ajZbgLUu.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/ajZbgLUu/">Tradingview</a>
<h2>EGLD Technical Analysis </h2>
EGLD coin price shows a recovery of 25% in the past 72 hours resulting in the triple white soldiers' pattern indicating an uptrend. However, the trendline breakout demands a retest which will bring an excellent entry point. 

The rally breaks above the 50-day EMA and heads higher to approach the 100 and 200-day EMA bearish aligned. Moreover, as the buying pressure increases, the 200-day EMA breakout possibility becomes a plausibility. 

RSI Indicator: The RSI slope spikes above the 50% mark and ends the downtrend started after the rejection faced at the overbought boundary. 

MACD Indicator: The MACD and signal lines diverge to regain the bullish alignment and boost the bullish histogram trend. Hence, the indicator remains highly bullish and projects a boom in buying pressure. 

In a nutshell, the EGLD technical analysis shows a rising possibility of a bullish rally continuation. 
<h2>Upcoming Trend </h2>
As the buying pressure increases with the triangle breakout, the possibility of EGLD prices surpassing the $200 mark increases. However, closing below the 50-day EMA will nullify the bullish thesis. Nonetheless, the potential target of the bullish rally remains above $200.

Resistance Levels: $200 and $225

Support Levels: $160 and $140

EGLD Technical Analysis: Bullish Momentum Brings Triangle Breakout

EGLD coin price surpasses the long-coming resistance trendline resulting in the triangle breakout. Will the breakout rally reach the $200 mark?

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: Bullish Momentum Brings Triangle Breakout

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