Elrond's price (1) slows down after increasing by 30% to $60. As sell indications appear, investors could anticipate a decline of 14% to $48.50. The bearish thesis for EGLD will be refuted by a daily candlestick closure that turns the $59 barrier into a support level. After the most recent rise collided with a four-month resistance level, the price of Elrond has reached a dead end. Lack of purchasing pressure, and buyer tiredness, may be crucial in causing a decline for EGLD.
The Price fluctuations
Between September 27 and October 27, the price of Elrond increased by around 30%, reaching the upper bound of the $38 to $59 range. Although EGLD momentarily crossed above this consolidation, it could not maintain the positive momentum, and on August 17, it returned to the range.
Since then, Elrond Price has made several unsuccessful attempts to liberate himself. The most recent retest demonstrates the significance of the $59 obstacle. The Relative Strength Index (2) (RSI) has established lower highs, whereas EGLD has generated a set of higher highs between October 4 and October 27, adding to this negative view.
What Investors should look for
Bearish divergence, a technical phenomenon, shows that the cryptocurrency is surging higher while momentum is ebbing. This indication will probably cause the price of Elrond to drop. $51.17 is one of the support levels that might withstand the impending selling pressure. If this resistance level is broken, EGLD may challenge the middle of the range above $48.50.Investors should thus prepare for a 14% decline to $48.50 in the next few days.
On the other hand, Elrond's price might break through and turn the $59 barrier into a support floor if stalled buyers come up. By doing this, investors will feel more confident, which can increase purchasing pressure. Elrond's price will likely increase to $69.40 due to this news, disproving the pessimistic premise.
