- Elrond price analysis is bullish for today.
- EGLD/USD spiked to $295 overnight
- EGLD saw retracement to the $250 support later on.
Elrond price analysis is bullish for today as both a higher high and low was set over the last 24 hours. Therefore, as long as the $265 support holds, we expect EGLD/USD to increase and move towards further highs.
The cryptocurrency market traded in the red over the last 24 hours as bears took over the market momentum overnight. The market leader, Bitcoin, has declined by 3 percent, while Ethereum dropped by 6 percent. Solana (SOL) is among the worst performers, with a loss of 8.42 percent.
Elrond price movement in the last 24 hours: Elrond retraces to $480
EGLD/USD traded in a range of $250 – $295.76, indicating strong volatility over the last 24 hours. Trading volume has increased by 80.45 percent and totals $869 million, while the total market cap stands at $5.64 billion, ranking the coin in 32nd place overall.
EGLD/USD 4-hour chart: EGLD prepares for another rally?
On the 4-hour Elrond price analysis chart, the Elrond looks to close bullish in preparation for further upside over the next 24 hours.
Elrond price prediction is bullish today as a slightly higher low was set over the last 24 hours. Overall, EGLD/USD has gained more than 100 percent over the past month after a new swing low was set around $180 on the 20th of July.
Since the previous major swing high was broken earlier this month, the overall market structure has turned bullish again, and we can expect a lot more upside past the current high of $220 set yesterday.
However, after a strong rally early yesterday, bulls were exhausted, failing to see much further upside above the $270 mark. Over the past few days, Elrond’s price has established strong support, from which we should see a rally higher over the next 24 hours, with the $298 resistance as the next target.
Elrond Price Analysis: Conclusion
Elrond price analysis is bullish for today as a slightly higher low was set overnight after a brief spike higher. Since bulls have regained control today, we expect EGLD/USD to continue moving higher and try to reach the next resistance at $298 next.
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