<strong><em>EGLD prices showcase a bullish reversal retesting the breakout of $50, but the higher price rejection leads to the downtrend to $40.</em></strong>

Key technical points:
<ul>
 	<li>The market price has increased 1.70% over the past 24 hours.</li>
 	<li>The price action shows a long-term downtrend generating a descending trendline.</li>
 	<li>The 24-hour trading volume of Elrond is $93.80 Million, indicating a drop of 46.67%.</li>
</ul>
<h2>Past Performance of EGLD</h2>
EGLD prices failed to surpass the $50 resistance despite a reversal from the $40 mark with lower price rejection. The bullish failure leads to the prevailing trend as the sellers overtake the trend control. Currently, the downtrend accounts for an 80% drop in market value since April 2022 and generates a highly bearish resistance trendline.

<img src="https://s3.tradingview.com/snapshots/d/DvFNag8l.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/DvFNag8l/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">EGLD Technical Analysis </span></h2>
The formation of the bearish candle at the high supply zone close to the psychological mark of $50 increases the selling momentum. However, the traders should wait for a closing below $40 for better confirmation. The daily-RSI slope shows a bullish reversal within the oversold zone but struggles to surpass the boundary indicating a potential downtrend continuation. Moreover, the 14-day SMA shows a falling trend and creeps under the oversold boundary.

The <b>MACD indicator </b>displays a bearish crossover leading to a flattish trend in the fast and slow lines. Moreover, the reversal decreases the intensity of bearish histograms and weakens the short-term bearish trend. Thus, the technical indicators show a rising bearish momentum as the reversal with a $50 retest adds points to the $40 breakout trend. In a nutshell, the <a href="https://www.cryptoknowmics.com/news/egld-technical-analysis-recovery-ready-to-challenge-100-sellers/">EGLD</a> technical analysis predicts an intense selling spree as the fear intensifies over the market.
<h2><span style="font-weight: normal">Upcoming Trend</span></h2>
Suppose the selling pressure pushes the bearish candle below $40; EGLD sellers can expect the falling trend to reach the $30 mark.

<strong>Resistance Levels:</strong> $60 and $75

<strong>Support Levels:</strong> $40 and $30

EGLD Technical Analysis: Downtrend Retests $50, Ready To Crack $40

EGLD technical analysis shows prices showcasing a bullish reversal retesting the breakout of $50, but the higher price rejection leads to the $40 downtrend

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: Downtrend Retests $50, Ready To Crack $40

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