Elrond crypto had a pretty good performance in 2021 as a result of its strong fundamentals. The high transactional throughput, collaborations with other protocols, etc deeply impacted the EGLD price that went on to hit the ATH at $542.58. However, the EGLD price has crashed down in the past few days, slashing more than 68% of its value. And currently, it is utilizing all its resources to halt the downtrend and begin with a recovery.
Nevertheless, EGLD can still be considered as a coin with huge potential to be significant crypto and a good investment for the long term. Once the market sentiments are back on track, one can expect a notable flip towards the initial resistance very soon.
Elrond(EGLD)/USDT Technical Analysis at a Glance
The EGLD price after a heavy slash in May 2021, took a little while to manage itself. And by the end of Q3 2021, the asset seemed to be geared up to hit the higher levels. After ranging slowly towards the north, the asset quickly jumped high and surpassed the $500 milestone to hit the ATH at $542.58. But unfortunately, the asset squeezed half of its value within a month to end the yearly trade on a bearish note. Currently, the asset appears to have still affixed in the same bearish well, showcasing no major possibilities of flipping the downtrend.
|Short-Term||The price since the early trading hours is consolidating heavily and attempting to establish an uptrend as a decent buying volume has been accumulated|
|Mid-Term||After a steep downfall, the price is trying to halt the downtrend so that it may bounce back with a flip, yet selling pressure continues to hover|
|Long-Term||The long-term forecast is extremely bearish and considering the current price trend, the asset is expected to continue heading towards the south|
Elrond(EGLD) Technical Indicators & Pivot Levels
|Technical Indicators||Value(1Hr / 1D)||Action(1Hr / 1D)|
|Relative Strength Index(RSI)||50.12 / 32.12||Neutral / Buy|
|MACD (12, 26)||-0.75 / -18.28||Sell / Sell|
|Average True Value(ATR)(14)||1.6 / 14.6||Less Volatility / Less Volatility|
|Bull-Bear Power (13)||1.11 / -41.1||Buy / Sell|
Additional Read: Daily Crypto News 20 January, 2022
EGLD price action is manifesting a diverse trend in the short term and the long term. The price is extremely bullish in the short term but opposite in the other way round. The RSI in the short term has reached the middle way around 50 and appears to be confused with the next action. While in the long term, it has bottomed hard hence pointing towards a strong flip waiting ahead with a decent recovery.
On the other hand, MACD is bearish in both cases as the selling volume remains mounted. The Average True Range, which is a volatility indicator, points out the asset to be less volatile currently and in the long term, signifying the asset may not fluctuate dramatically. Moreover, the bull-bear power showcases the strength within the bears in the short term, while Bulls are all set to capitulate the asset in the long term.
Coming to the moving averages, the asset may test the 50-day MA levels in STF that may ignite the rally toward the short-term resistance above $200. While the averages not acting as support in either short-term or long-term signifies a notable uptrend for the asset. Yet the support levels remain distinct which may not be visited by the EGLD price anytime shortly.
Elrond(EGLD)/USDT Technical Analysis for the Week
The EGLD price had a pretty bearish start for the present week, which compelled the price to lose nearly 17% of its value. However, after hitting the rock bottom levels just below $170, Elrond quickly flipped but failed to embrace a bullish momentum. And hence began swinging within a very tiny range The 50-day MA in short term is less than 2% distinct from the current levels and hence the price is expected to range beyond these levels very soon.
Source: Tradingview Date: 20-01-2022 Time: 1:05pm
- The EGLD price in the short term is expected to undergo a notable downtrend in the upcoming days as the asset has formed a bearish flag
- No doubt the asset could accumulate a little more or may surge a little, yet may further slide to the lower levels
- However, the downtrend may be invalidated once the asset slices through the consolidation and surpassed beyond the 50-day MA just below the 200-day MA
- On the other hand, the buying pressure is only limited to halting the downtrend and consolidation. While only a huge influx of volume may only nullify the downtrend and begin with a notable recovery
- The bull run will only resume once the EGLD price surpasses the $200 levels and sustains without crumbling down
Elrond(EGLD)/USDT Technical Analysis for Today:20 January 2022
As mentioned before, EGLD price is maintaining a strong downtrend and despite some of the buying volume, the asset failed to uplift from the danger zone. Yet the hopes of an interim uptrend is still alive as the asset surpasses the 50-day MA levels. However, even if the asset ranges beyond these levels, it may halt before hitting the strong resistance at $184. And further experiencing an interim plunge, the asset could regain its positions close to $190 and eventually attempt to surpass $200.
The Elrond(EGLD) price, currently is around $174.46 with a drop of just1.43% which may be recovered in the next couple of hours. The trading volume remains depleted by more than 34% while the market cap is squeezed by just 1.41% recording levels above $3 billion.
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