<em><strong>The EGLD Technical Analysis displays a lack of bearish momentum upon triangle breakout, teasing a bullish opportunity for a trend reversal.</strong></em>

The EGLD price action shows a declining trend leading to a descending triangle breakout with the $50 fallout. However, the lack of bullish follow-through highlights a bullish opportunity to rise above the $ 50 mark. So, should you consider taking an early bullish entry?
<h3>Key Points:</h3>
<ul>
 	<li>The <a href="https://www.cryptoknowmics.com/news/opera-to-integrate-scalable-blockchain-elrond-soon-to-its-crypto-browser/" target="_blank" rel="noopener">Elrond</a> price action shows a bullish turnaround reclaiming the $50 mark.</li>
 	<li>The higher price rejection in the daily candle warns of a rise in selling pressure.</li>
 	<li>The intraday trading volume in Elrond is $48.60 million.</li>
</ul>
<img class="alignnone" src="https://s3.tradingview.com/snapshots/5/5Funo0UJ.png" alt="EGLD Price Chart" width="2474" height="1219" />

Source - <a href="https://www.tradingview.com/x/5Funo0UJ/" target="_blank" rel="nofollow noopener">TradingView</a>
<h2>EGLD Technical Analysis</h2>
The EGLD price action displays the bearish breakout rally of the descending triangle pattern struggling to gain trend momentum. Hence, despite the fallout of the $50 support zone, the price trend shows a consolidation range with the bottom support at $45.

Currently, the price action shows higher price rejection in the daily candle, reflecting a temporary spike in selling pressure. In addition, the increase in trading volume supports the higher price rejection candles increasing the possibility of a bearish turnaround.

A high-wick rejection candle at the combined resistance indicates a higher possibility of price reversal. Thus, a bearish reversal from this barrier will continue the downward spiral and plunge the prices by 14.5% down to $41.7 support.

On a contrary note, if the market sentiment recovered, the coin buyers may breach this down-sloping trendline. Doing so will trigger a bullish upswing.
<h2>Technical Indicators</h2>
Despite an ongoing consolidation, a bullish crossover between the MACD and signal line indicates the buyers are quite active at below the $48 mark. Moreover, a bullish divergence in the RSI slope suggests improving market sentiment.

Therefore, the EGLD technical analysis shows a growing bullish inclination in the underlying sentiments.

Resistance Levels - $50 and $62

Support Levels - $45 and $41

EGLD Technical Analysis: Failed Bearish Breakout Teases Bull Run

The EGLD technical analysis displays a lack of bearish Momentum upon triangle breakout, teasing a bullish opportunity for a trend reversal.

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: Failed Bearish Breakout Teases Bull Run

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