EGLD Technical Analysis: Failed Bearish Breakout Teases Bull Run

The EGLD Technical Analysis displays a lack of bearish momentum upon triangle breakout, teasing a bullish opportunity for a trend reversal. The EGLD price action shows a declining trend leading to a descending triangle breakout with the $50 fallout. However, the lack of bullish follow-through highlights a bullish opportunity to rise above the $ 50 mark. So, should you consider taking an early bullish entry? Key Points: The Elrond price action shows a bullish turnaround reclaiming the $50 mark. The higher price rejection in the daily candle warns of a rise in selling pressure. The intraday trading volume in Elrond is $48.60 million. Source – TradingView EGLD Technical Analysis The EGLD price action displays the bearish breakout rally of the descending triangle pattern struggling to gain trend momentum. Hence, despite the fallout of the $50 support zone, the price trend shows a consolidation range with the bottom support at $45. Currently, the price action shows higher price rejection in the daily candle, reflecting a temporary spike in selling pressure. In addition, the increase in trading volume supports the higher price rejection candles increasing the possibility of a bearish turnaround. A high-wick rejection candle at the combined resistance indicates a higher possibility of price reversal. Thus, a bearish reversal from this barrier will continue the downward spiral and plunge the prices by 14.5% down to $41.7 support. On a...