EGLD Technical Analysis: Will Elrond Touch The $42 Ground?

The EGLD technical analysis displays a falling trend within a bearish channel, leading the market value to the $0.22 mark. The EGLD price action displays a falling trend under the influence of the 50-day EMA leading to a descending triangle breakout. The breakout rally shows potential to reach the $42 mark. But will the intraday growth push the retest phase back above the broken range? Key Points: The Elrond prices show a bull cycle heating up at the support trendline. The double bottom can result in a bullish breakout. The intraday trading volume in Elrond is $15.44 million. Source – TradingView EGLD Technical Analysis The EGLD price action shows a bearish turnaround from the $67 resistance level ushering a 26% decline in market value to reach the $48 support zone. However, the buyers successfully delayed the $48 fallout with a triangle formation. Additionally, the recent reversal from the EMA results in a bearish breakout. The spike in trading volume supports the breakout candle, but the intraday growth of 2.70% undermines the bearish influence. The bears must push the price back from the broken $48 zone to create higher price rejection and relieve the pressure. If the bearish momentum increases, the EGLD prices will reach the bottom support at $42. However, a bullish reversal in Elrond prices above the $48 support zone will start a bull cycle crossing the psychological mark of $50 to test the resistance trendline. Technical...