• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan

Elrond (EGLD) Builds Bearish Sentiment, Will Price Coil Up To 80 Instead?

jamesobande by jamesobande
5 months ago
in Technical analysis
Reading Time: 3 mins read
Advertisement

The price of Elrond (EGLD) has shown little relief bounce against Tether as it continues to range in its bearish flag pattern. Although relief bounces are shown by other cryptocurrencies across the market, with some double-digit gains, Elrond’s price has struggled to crack those gains. (Data from Binance)

Related Reading: TA: Ethereum Loses Steam, Why 100 SMA Is The Key For More Gains

Elrond Price Analysis On The Weekly Chart

Weekly EGLD Price Chart | Source: EGLDUSDT On Tradingview.com

From the chart, the price of Elrond saw its weekly bottom at $40, and the price of EGLD bounced from that region to a price of $57 on the weekly chart as the price is unable to show much strength to trend higher.

EGLD weekly candle closed with a bearish sentiment, with the new week’s candle looking indecisive. 

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The price has continued to show little or no traction; If the price of EGLD on the weekly chart maintains this structure, it could retest its low of $52 as this is the trendline support region on the weekly chart.

For the price of EGLD to trend higher, it needs to break the resistance at $60 with a good volume to have a go at higher prices and double gains.

Weekly resistance for the price of EGLD – $60.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Weekly support for the price of EGLD – $52.

Price Analysis Of EGLD On The Daily (1D) Chart

Daily EGLD Price Chart | Source: EGLDUSDT On Tradingview.com

The price of EGLD has found itself ranging in a bearish flag channel, trying to break out from what looks like a cage preventing the price from trending higher. 

EGLD has found its price ranging between $52, acting as support, and $70 acting as the resistance for the price of EGLD. The price of EGLD needs to break out of this range and close above the $70 mark to trend higher to a region of $80.

With more buy orders and volume, we could see EGLD retesting the upper range of $70 if the price fails to break out, going a retest of trendline support at $52 and lower if there is a market sell-off.

EGLD is currently trading at $56, just below the 50 and 200 Exponential Moving Average (EMA), which corresponds to prices of $65 and $101, acting as resistances for EGLD price.

On the daily chart, the Relative Strength Index (RSI) for the price of EGLD is below 40, indicating a low volume of buy orders.

Daily (1D) resistance for EGLD price – $60-$70.

Daily (1D) support for EGLD price – $52.

Price Analysis Of EGLD On The Four-Hourly (4H) Chart

Four-Hourly EGLD Price Chart | Source: EGLDUSDT On Tradingview.com

The price of EGLD has shown a little bullish trend below the 200 EMA price, which correspond to $58, acting as resistance to the EGLD price.

EGLD needs to break and hold above the 200 EMA to assume its bullish sentiment; if EGLD fails to break and hold above, we could see the price retesting its support levels at $52. 

Four-Hourly (4H) resistance for EGLD price – $60-$70.

Four-Hourly (4H) support for EGLD price – $52.

Related Reading: Dogecoin Price Movement Thwarted By Sellers, What’s Next On Chart?
Featured Image From zipmex, Charts From TradingView.com 

 

Tags: EGLD PriceEGLDUSDTElrond (EGLD)
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
jamesobande

jamesobande

James is a blockchain writer and technical Analyst with more than five years of experience in the crypto space.

Related Posts

fetch ai fet chatgpt

Fetch.AI (FET) Soars 20% In Under 24 Hours As AI Arms Race Hastens

1 day ago
Polkadot

Polkadot (DOT) Gains 6% In One Day As Market Sees Correction

1 day ago
Litecoin

Litecoin (LTC) Tallies Over 12% Increase In Last 7 Seven Days

2 days ago
DOT Price (Polkadot) Prediction

DOT Price (Polkadot) Prediction: Break Above $6.80 Could Spark Fresh Rally

2 days ago
Ethereum Price

Ethereum Price Looks Ready For Another Leg Higher Over $1,700

2 days ago
Bitcoin

Bitcoin Price Just Saw Key Technical Correction, But 100 SMA Is Still Strong

2 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Dogecoin (DOGE) And Fantom (FTM) Make Appreciable Profits As Orbeon Protocol (ORBN) Moves Closer To 700%

February 5, 2023

Monero (XMR) and Dogecoin (DOGE) are Popular Twitter Crypto Recommendations. Here’s Why Savvy Investors Choose Snowfall Protocol (SNW) Instead

February 5, 2023

Price Predictions for Polygon (MATIC), Uniswap (UNI), and Snowfall Protocol (SNW) for 2023 – 2030

February 5, 2023

Fantom And Decentraland Explode As Big Eyes Coin Raises $21M In Presale

February 4, 2023

The Metaverse Represents The Future of Web3: Decentraland (MANA), The Sandbox (SAND), and Snowfall Protocol (SNW) Lead the Way

February 4, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.