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ELROND – ALTCOIN CHART ANALYSIS

 


Elrond (EGLD) broke the uptrend and sold off yesterday with larger volumes. The RSI is already close to the oversold zone, so a brief recovery is possible.


We are currently trading at around $52.50. On the 4H chart we can see that we are approaching a larger support zone of around USD 46 – USD 48, which has been tested in the past.


However, we have to say that the more often a zone is tested, the higher the probability that it will break. Still, we could see some recovery from here, at least into the $56 area.


Now, looking at the daily chart and adding the Fibonacci retracement level, we see that the $46-$48 zone coincides with the golden pocket. 


However, if we do not see any significant recovery here, we will have to prepare for significantly lower prices. For this we look at the liquidity and the volume which is below us.


The area around USD 38 is particularly noticeable there. A floor was formed there with a great deal of volume. If the golden pocket breaks for a long time, we have to be prepared for short-term prices below USD 38 in the coming weeks in the worst case.

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