Elrond is a speedy, hack-free, secure, and highly scalable blockchain platform. It aims to provide a robust ecosystem for building decentralized apps, enterprise use cases, and a new web economy. EGLD is the customized token of this network. As suggested in the previous EGLD technical analysis the price dropped on March 24 and 25, 2021.
Past Week Performance
On March 31, 2021, EGLD started trading at $142.93. As of April 6, 2021, the closing price of EGLD was $193. Thus, in the past week, the EGLD price has risen by approximately 35%. In the last 24 hours, EGLD has traded between $164-$195.39.
Technicals for the Day-Ahead and Tomorrow
Currently, EGLD is trading at $185.03. The price has declined from the opening price of $193. Thus, the market seems bearish.
The A/D indicator is upward sloping. Thus, the whale accumulations are higher than whale distributions. Hence, high buying activity will exert upward pressure on the EGLD price. Thus, the price is likely to go up further.
Both the MACD and signal lines are negative. However, a bullish crossover by the MACD line over the signal line has occurred. Thus, we can expect some price corrections amidst a bearish trend.
The RSI indicator faced a bullish swing rejection at 44%. Currently, it is at 57%. Thus, buying pressures are gradually increasing. Hence, we can expect the price to go up.
EGLD Technical Analysis
As per technical analysis, the price is currently above the Fibonacci pivot point of $184.13. However, it may soon fall below the pivot point as some oscillators have indicated a price pullback before resuming its upward journey.
The price has tested and broken out of the 38.2% FIB retracement level of $183.40. It may soon test and break out of the 23.6% FIB retracement level of $187.98. Thus, if the uptrend remains strong, we can expect the price upswing to continue tomorrow as well.