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Elrond Price Analysis: EGLD price found support at $202.2, higher prices confirmed?

Elrond Price Analysis

TL;DR Breakdown

  • Elrond price analysis is bullish for today, up by 4%.
  • The nearest resistance is present at $210, while another is at $218.
  • The support is at $202.2 and remains unbroken.
  • The price turned bullish after finding support at $183.15.
  • If EGLD/USDT price drops down current support, the next support is at $183.15.

Elrond price analysis is majorly bullish for today as the price of the cryptocurrency has risen by about 4%. The price of the currency retains its position above the current support that can be seen at $202.2. For now, the resistance is at $210, which might get broken today. In case this resistance doesn’t hold, the next resistance is present at $218.

The data provided by Coinmarketcap, the trading volume for 24 hours of the cryptocurrency is up by 20.05%. Also, the market cap fell by 8.94%. The fall in the market cap is due to EGLD/USDT dropping from $265.04 on 17th September to $185.5 on 21st September. This drop in the price of the EGLD shrunk the market cap and trading volumes dropped.

Bitcoin today has been trading above the support at $41.8K and entered the $42K. Billionaires like Mike Novogratz claim that until Bitcoin is above $40K, there’s no need to worry for any crypto investor. This is the price investors get for investing in cryptocurrencies. High losses are bound to occur with high gains, and therefore, every investor should have an exit strategy.

Elrond Price Analysis: Technical indicators gradually turning bullish

Elrond price analysis shows that the EGLD/USDT trading pair was below 50-day and the 100-day Moving Averages but, the market is gradually moving upwards. If the trend continues, we can expect all the indicators to turn bullish soon. We will be talking about the Elrond price analysis using the Moving Averages, RSI, and MACD indicators.

The 50-day and 100-day Moving Averages are above the price action since the huge price drop on the 17th. But, a bullish price outbreak can be expected as the market is gradually recovering. Once these key Moving Averages have been conquered, the price movement will turn bullish in the short term.

The price movement has started climbing upwards after breaking out from the lower end of the Bollinger Bands. The bulls are taking the price of the EGLD/USDT trading pair towards the upper end of the Bands. If the market holds above the key resistances, the price might break out from the upper end of these Bollinger Bands.

Elrond price analysis
Elrond Price Analysis on the chart by TradingView

Elrond price analysis further uses the RSI indicator whose value reads 47, i.e., moving towards the neutral zone. The gradient is positive, i.e., the buying pressure is more than the selling pressure. If this market movement maintains, we might see the RSI levels above 50, and once the trading pair gets overbought, you should sell it and wait for lower levels.

Taking into consideration the MACD lines and the signal lines, we have experienced a bullish crossover on the 4-hour chart. This means that the MACD or the blue line crossed above the orange line. As a result, the histogram turned green, and now, higher prices are definitely possible.

Elrond Price Analysis: EGLD price found support at $202.2, higher prices confirmed? 1
Elrond Price Analysis on the chart by TradingView

Elrond price analysis: Conclusion

Elrond price analysis can be ended on a bullish note for today. In the short term, we can expect the price of the coin to rise with increased volatility. But, when it comes to the long term, there are a number of things you need to consider. To know more about the long-term price predictions for Elrond and other cryptocurrencies, including Bitcoin, visit here.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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