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

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 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. 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. Weekly support for the price of EGLD – $52. Price Analysis Of EGLD On The Daily (1D) Chart 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 ...