As the EGLD coin price sustains above the previous swing high in a consolidation range, will the breakout help it reach the $400 mark?

Elrond is a blockchain platform that enables the internet economy to be decentralized and enterprises to use it. Elrond's adaptive-state sharding architecture completely severs state, transactions, and network. You can add another shard if the throughput demand is not met.

The project supports developers who build on the platform to increase their adoption. They can earn 30% of smart contract fees as royalties.

Let us now take a deep look into the technical analysis of Elrond.
<h2>Past Performance of EGLD</h2>
On 3rd November, the EGLD coin price gained up to 13% in a day. Thus, resulting in a bullish engulfing candle and breaking out of the <a href="https://www.cryptoknowmics.com/news/egld-technical-analysis-price-facing-resistance-at-329-83-bulls-driving-the-price-upwards/">previous swing high</a> at the $300 mark.

<img class="aligncenter" src="https://s3.tradingview.com/snapshots/r/R6jDxuK0.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/R6jDxuK0/">EGLD/USD Daily Chart</a>
<h2>EGLD Technical Analysis</h2>
<img src="https://s3.tradingview.com/snapshots/i/IwxRB4mP.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/IwxRB4mP/">EGLD/USD Daily Chart</a>

The price action showcases the EGLD coin consolidating in the 4-hour range above the $300 mark. The breakout of this region will help increase the buying pressure multiple-folds and help the coin price reach $420.

As per the Pivot Points, the bull run will face resistance near the $350 and $400 marks. However, if the price fails to rise above the consolidation, a downfall to $270 is possible.

The RSI slope at 67% gradually approaches the overbought zone in the daily chart. Moreover, there is no significant divergence in the uptrend or consolidation. Hence, the RSI indicator gives a buy signal for the EGLD coin. 

The MACD and signal lines maintain a bullish alignment and rise higher in the daily chart. Hence, the MACD indicator gives a buy signal.

The 50, 100, and 200 EMA in the daily and 4-hour charts maintain a bullish alignment that will help protect the uptrend in case of a reversal.
<h2>Upcoming Trend</h2>
As per the technical analysis of Elrond, the uptrend in EGLD coin price gains momentum, which can shortly result in a bullish breakout of the consolidation range. As per the Fibonacci Levels, the next resistance level of the uptrend is at $42, coinciding with the 1.168 level.

EGLD Technical Analysis: Will the Range Breakout Touch $400?

As the EGLD coin price sustains above the previous swing high in a consolidation range, will the breakout help it reach the $400 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: Will the Range Breakout Touch $400?

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