Elrond (EGLD) Will Rally To $80, But this Must First Happen
19 October 2022 - 01:30AM
NEWSBTC
EGLD’s price shows a spark of strength as the price bounced off
from $45 with good volume. EGLD continues in a range-bound
movement as the price aims to breakout ahead of a rally to
$80. The price of EGLD continues to trade above the 50
Exponential Moving Average (EMA) as the price creeps in on the
daily timeframe. Despite market uncertainties that have affected
the prices of many altcoins in recent weeks, the price of Elrond
(EGLD) has remained strong. Elrond (EGLD) has held firm, defending
its support as the price remains in a range, with a possible
breakout as the price targets $80. The price of Bitcoin (BTC) rose
from its low of $19,100 to $19,600 as it attempted to break through
to $20,000. A successful breakout will result in relief bounces for
the majority of the market’s crypto assets. (Data from Binance)
Related Reading: Cardano Finds Breathing Room At $0.35 Support – Is
This Enough For ADA? Elrond (EGLD) Price Analysis On The Weekly
Chart. Despite experiencing some great price movement in recent
weeks due to so many partnerships and great projects built on the
Elrond network, EGLD has attracted the attention of traders and
investors with its unique use case as many look for opportunities
to buy. The bear market has had a fair share of the price of EGLD,
as the price of EGLD dropped from a high of $500 to a weekly low of
$40, where the price was able to form good support to hold
sell-offs due to panic. The price of MATIC, after forming good
support, price rallied to a high of $68, and the price was rejected
to $45 despite showing great strength to break and close above this
resistance. The rejection of EGLD from this region has led to the
price range to build more buyers other than a break out of this
range. Weekly resistance for the price of EGLD – $70-$80.
Weekly support for the price of EGLD – $45. Price Analysis Of EGLD
On The Daily (1D) Chart In the daily timeframe, the price of EGLD
continues to trade below its key resistance at $65; despite
bouncing off from its daily low, the price of EGLD faces a test to
breakout above $65. If the price of EGLD breaks and holds above
$65, we could see the price of EGLD rally with a good volume to as
high as $80, but if the price of EGLD fails to breakout price could
be rejected back into its range of $45-$65. On the daily timeframe,
the Relative Strength Index (RSI) for EGLD looks good after
rallying from an oversold region, indicating good buy volume for
EGLD. Daily resistance for the EGLD price – $65. Daily support for
the EGLD price – $45. Related Reading: Polygon’s MATIC Price
Prediction: Why Bulls Aim $1 or Higher Featured Image From
Cryptoninjas, Charts From Tradingview
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