- The Elrond price analysis is bullish today.
- Resistance for EGLD is present at $194.
- Support for cryptocurrency is present at $186.
The Elrond price analysis shows a bullish move today, as the coin is challenging $191 resistance at the moment. The price has been rising for the past few days as bulls dominate the market. The upwards trend started on 14th March when the coin was trading at $134, and the crypto pair has shown a tremendous performance since then by continuously covering the range upwards. The price has reached $190 today, which is a month’s high level.
EGLD/USD 1-day price chart: Bullish momentum continues as price reaches $190
The 1-day price chart for Elrond price analysis shows a handsome amount of value gains today. EGLD bulls covered a good upwards range from $185 to $190 today, as the price of EGLD/USD is trading at the later value at the time of writing. EGLD/USD gained a value of more than 5.7 percent during the last 24 hours, and the crypto pair reports mighty gains of 15.5 percent over the past week, currently settling among the top performers. But the trading volume has decreased by 5.91 percent, resulting in the market dominance of 0.22 percent, while the market cap has increased by 4.53 percent.
The volatility started increasing on 14th March when the Bollinger bands started expanding massively, but the price continued to settle above the upper Bollinger band despite its abrupt curvature, currently at the mark of $185.4 below the price level acting as support for the price.
The relative strength index (RSI) is trading near the overbought zone’s border and has been staying there since yesterday, and is still on an upwards curve at index 69, hinting at the buying activity in the market.
Elrond price analysis: Recent developments and further technical indications
The 4-hour price chart for Elrond price analysis shows the price has been increasing continuously, and selling pressure hasn’t formed yet, but as the price is near the resistance of $191 so a correction may also take place for a few hours in the coming time. The traders fearing a short-term decline may start booking profits, which will result in a decrease in price for a shorter period.
On the 4-hour chart, as can be seen, the Bollinger bands were narrowed but have expanded vastly now, hinting at an increase in volatility for the crypto pair. The upper band has reached $193, and the lower band is present at $153.7. The MA is also trading at $182 below the price level but above the SMA 50. The RSI has also been maintaining its upwards curve in the overbought region as it has reached index 74 due to the continuous bullish activity.
Elrond price analysis: Conclusion
The Elrond price analysis shows the EGLD/USD price trend line, if observed from the last week, is on an upwards curve, so there are good prospects for the future of the coin, and a substantial increase in price can be expected in the coming days. For the coming hours, the price may correct for a few hours as it has reached near the resistance of $191. We expect EGLD to cross this resistance barrier later in the coming hours as bulls continue upside.
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