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ELROND – ALTCOIN CHART ANALYSIS


 

Elrond (EGLD) has recently been able to form a small uptrend, which is already weakening a bit. After seeing a bounce at around USD 40, we are currently at around USD 62.


The trading volume has recently decreased significantly, a sign that we do not want to see in an uptrend. A correction is therefore becoming more and more likely here. Further resistance is waiting above us.


Around $66 is the 200-SMA (last 200 moving averages/purple) and EMA. These are strong resistances at the elevated RSI levels we currently have and this is where the reaction to the downside could await us.


On the daily chart, we have seen a strong reaction from our green support zone at EGLD. This zone represents an important area as we started the bull run from here.


So we've also had a lot of impulsive candles pumped up non-stop. We have now closed this so-called inefficiency in the market and it is important for the further course.


Recently we have seen a slight bottom formation, which has now been somewhat stopped. Not really surprising after a 50% move up. Nevertheless, we should not rule out that we could see prices up to around USD 50 again.

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