Cryptocurrency analysis »Elrond eGold (EGLD)» December 6, 2021

The strong rally in cryptocurrency Elrond (EGLD) from $ 287 USD on November 17 to an all-time high of $ 544.25 USD on November 31 pushed the RSI deep into the overbought zone. Vertical pushes are often followed by cascading drops and that’s what has been happening for the past few days.

Elrond chart (EGLD / USDT) daily

Source: TradingView

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The price of EGLD cryptocurrency fell from its all-time high and plummeted to $ 224.62 on December 4, completing a 100% pullback from the last leg of its bull run.

A minor upside is that the bulls bought lower lows on December 4, as evidenced by the long wick of the daily candle. Buyers are trying to defend the uptrend line and push the price above the 50-day moving average of the SMA ($ 324).

If the bulls are successful, the price of the Elrond cryptocurrency could reach the moving average of the 20-day EMA ($ 364), where the bears could reassemble strong resistance. If the bulls clear this hurdle, the Elrond cryptocurrency could rally back to $ 425 USD.

Conversely, if the price falls and closes below the 100-day SMA moving average ($ 271), the Elrond cryptocurrency could extend its decline to $ 200 USD.

Elrond chart (EGLD / USDT) 4 hours

cryptomonnaie elrond egold egld 06122021Source: TradingView

The brutal selling drove the price below the uptrend line, but the bears were unable to sustain the lower levels. This indicates a strong accumulation in the channels. The EGLD cryptocurrency price quickly rose above the uptrend line, but the bulls were unable to break through the barrier at the EMA-20 moving average.

This indicates that sentiment is still negative and traders are selling on rallies. If the price sustains below the uptrend line, the next stop could be at $ 224.62.

Conversely, if the price rises from the current level and breaks above the EMA-20 moving average, it will indicate that the bears may lose control. The cryptocurrency Elrond could start a rally, which could reach the SMA-50 moving average. A breakout and close above this resistance could pave the way for a possible rally to the $ 425 to $ 440 resistance zone.

By Rakesh Upadhyay, Cointelegraph

Rakesh has over 15 years of experience in trading various asset classes as a full-time technical analysis trader. He was introduced to cryptocurrency in 2016 and was immediately hooked. In addition to analyzing charts, Rakesh enjoys going to the gym and lifting weights.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.

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