EGLD Technical Analysis: Buying Pressures Increasing, Expect Prices to Go Up
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EGLD Technical Analysis: Buying Pressures Increasing, Expect Prices to Go Up

April 7, 2021      Ankita Awasthi

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.

EGLD Price Analysis

https://www.tradingview.com/x/rksW0IqV

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.

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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.

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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.

#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.