- Elrond price analysis is strongly bullish today.
- The nearest resistance is found at $280.
- The nearest support for EGLD is found at $265.
The Elrond price analysis reveals, the EGLD/USD is highly bullish today. EGLD bulls are on the march towards the all-time high of $281, as Elrond successfully surpassed the resistance of $259, and then in a swift move, jumped above the next higher resistance of $265, aiming for their next target, which happens to be none other than the previous record high at $281.
The broader crypto market is indicating negative sentiment as the king Bitcoin is correcting after hitting the all-time high of $66000. Ethereum has also returned back into the $3900 range. Most of the top coins are also reporting losses over the last 24 hours. However, a handful few are racing, reporting massive gains, with Solana topping the charts with a gain of more than 13 percent.
EGLD/USD 1-day price chart: EGLD eye the all-time high
The 1-day price chart for Elrond price analysis shows a significant gain in price, as the cryptocurrency is trading hands at $270.7 at the time of writing. Overall the Elrond has gained a value of more than 10 percent over the last 24 hours and reports a marvelous 14 percent gain in price value over the course of the last seven days. The trading volume has increased by 36 percent in the last 24 hours, indicating the interest level of traders. The market cap also shows an improvement by 10 percent.
The volatility is again increasing after limiting substantially on 19th October when the Bollinger bands converged sharply but soon started diverging as price took on to steep higher levels. Currently, EGLD/USD price is trading above the upper band, which is present at $264, representing support for Elrond price.
The relative strength index shows some promising results for EGLD/USD as it is on a steep upwards curve at index 63, in the upper half of the neutral zone, and there is enough room left for further upwards movement. The RSI suggests increasing buying activity in the market.
Elrond price analysis: Recent developments and further technical indications
The 4-hour Elrond price analysis shows selling pressure is affecting the price function, as recently, price stepped down from $274 to the current level of $271.7. The price may continue to correct for a few hours before moving up again, as, at this higher point, selling pressure is a natural market phenomenon, as, during the last 24 hours, an uptrend was observed, and now traders may be fearing a pullback.
The volatility is high on the 4-hour chart, and the price has moved below the upper Bollinger band, as can be seen on the chart. Now the mean average of the Bollinger bands at $246 represents the support, and the upper limit at $274 represents resistance for ELDG/USD. The RSI also shows an oversold situation and has taken a downturn, but still is in the oversold region at index 75.
Elrond price analysis: Conclusion
The Elrond price analysis suggests Elrond is highly bullish at this point in time. The selling pressure as observed currently may be overcome by the bulls if Elrond gets enough support from traders, who are into booking profits fearing a short-term pullback. There are ample chances for Elrond to achieve a new record high in the coming hours.
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