Elrond Coin Looks To Breach $55 Resistance – Is $65 Hittable This Month?

Christian Encila

Last Updated: October 20, 2022 7:00 am

2 mins read

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Elrond was rising before leveling off at around $54.40. The EGL price has recently broken through a key price resistance level, rising above $56.37.

On weekly, biweekly, and monthly time frames, Elrond has been performing bullishly, based on data by Coingecko, Thursday.

This bullish movement may have been prompted by recent events. On September 22nd, Opera users who have enabled the built-in crypto wallet will be able to utilize EGLD. The market may react to these events by increasing the price.

But will EGLD’s price be able to continue to push above the $55 barrier – or will that level finally prove to be too much to overcome? Bulls are eyeing the $65 mark, but even that proves to be a major challenge.

A Clue To The Puzzle That Is Elrond

The token is trading at $56.19, which is a loss as of this writing. The recent market action has established a bullish cup and handle pattern, which should help push prices through the $57.84 barrier, data from Coingecko show.

At the time of writing, both the RSI and Chaikin’s money flow index show bullish convergence, which is excellent news for the altcoin as a whole. The momentum indicator, however, shows that bullish enthusiasm is losing steam.

Despite the construction of a cup and handle, this may be a negative indication for the market. The 50-day and 100-day simple moving averages are also providing dynamic support for the potential bull run.

Chart: TradingView

EGLD: Bull – Or Bear Run?

Now that the technicalities are out of the way, we can claim that EGLD is currently slowing down. This may be an indication that a correction phase will occur in the next days or weeks.

With present support around $54.40 and resistance at $57.80, the bulls have a very narrow margin of error.

The momentum deceleration may propagate to other indications, compelling bulls to make decisions that will inevitably exert downward pressure on the coin.

The prior rejection of $57.80 may signify the beginning of a market correction. The present sideways price trend does not portend well for the token, particularly in the immediate term.

The tight ascending triangle for the handle of the cup will not aid EGLD investors and traders in achieving the anticipated relief rally.

As of this writing, bears have seized control of the Elrond market and are creating a downturn. Traders should focus on the shorter time frames.

If the bears ever gain sufficient momentum, a defense at $51.76 and a fallback at $46.16 will halt the downturn.

EGLD/USD pair trading at $57.97 billion on the daily chart | Featured image from Bankless Times, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.