- Elrond price analysis is bullish today.
- EGLD continues discovering new heights.
- The coin has gained enormous value since 19th November.
The Elrond price analysis favors the bullish side without any doubts. The cryptocurrency continues discovering newer higher levels as the bullish momentum is very strong and aggressive, but the cryptocurrency is also in a highly overbought state now, and a correction seems unavoidable.
The Elrond started to rally higher on 19th November starting from $309 and continues upside till today as the price is now above the $500 psychological mark. Bullish momentum has not shown any signs of exhaustion yet, but the bulls may get tired soon.
EGLD/USD 1-day price chart: EGLD at ATH after ATH
The 1-day price chart for Elrond price analysis shows the cryptocurrency has rallied extremely high today as the bulls covered the upwards range today as well. The crypto pair is trading hands at $534.41 at the time of writing while trading in the range of $478 to $553 today. The EGLD/USD has gained a value of more than 16 percent over the last 24 hours and reports a whopping 73 percent gain over the past week, which is again beyond speculations. The trading volume has also increased by 26 percent and the market cap improved by 15.9 percent over the last day.
The volatility is increasing as the Bollinger bands expand with the upper band at $472 representing support for the coin, and the lower band has moved down to $219, the average of the Bollinger bands is at the $346 mark. The moving average (MA) is trading above the mean average of the volatility indicator at the $381 mark.
As said earlier, the EGLD/USD is overbought, the relative strength index (RSI) is present in the overbought zone at index 88, still maintaining its upwards slope, indicating intensive buying activity in the market. As the crypto pair is already overbought, the RSI can turn downwards any time, giving a sell call.
Elrond price analysis: Recent developments and further technical indications
The 4-hour Elrond price analysis shows cryptocurrency is covering a range upwards from the last 16 hours, so an hourly correction may soon take place as the bulls may need rest now before marching further high. The last correction took place around 16 hours before, and that was only for four hours. The very same pattern is obvious on the 4-hour chart since the EGLD has been rallying high.
The volatility on the 4-hour chart is also high, but here the upper Bollinger band represents technical resistance for EGLD at the $550, where selling pressure might kick in. On the contrary, the mean average of the indicator at the $431 mark represents the support zone for the EGLD/USD pair. The RSI is now trading on a straight line indicating a slow down in the buying activity authenticating our guess for correction to loom.
Elrond price analysis: Conclusion
The Elrond price analysis suggests that the cryptocurrency is aggressively bullish as it keeps breaking havoc on the bears by gaining extensive value on a daily basis and shows no signs of taking effects from the bearish market as it keeps going against the broader trend. If the bears step in, then the EGLD can find support near the $472 support zone. On the other hand, if the bullish momentum continues, then selling pressure may build around the $550 range, but it’s just a guess according to technical indications.
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