EGLD analysis – Buyers ready to take prices off?

Dear readers, hello! Here Romain, for a technical review around the price evolution of the EGLD cryptocurrency. What are the major technical supports? is a rebound still possible? What evolution compared to Bitcoin? Technical focus.

Elrond is a project launched in 2017 who has designed to meet the growing need for the number of transactions per second. Thus, thanks to a secure network and a cryptocurrency (EGLD) which is based on the technology of Proof Of Stakethis project has rapidly grown its total number of transactions per second and even welcomes projects Challenge in these.

EGLD – Weekly chart: Reversal signal is given

Prizes, last week, we end up giving a first reversal signal in this bear market.

EGLD – Weekly Chart

In effect, the weekly candle, from 1er August, pushed down the weekly Tenkan with force. This reversal occurred after bouncing off medium-term support, at $44. The volumes there were significant, proof that buyers fiercely defended this technical level.

From a point of view Ichimokuthe next theoretical target is now the Weekly Kijunat $155.

the weekly ROI, meanwhile, confirms this rebound after touching the oversold zone. A strong bullish confirmation will be given by a return above 50.

Finally, the MACD indicator also offers a bullish reversal signal with a crossing of its moving averages.

EGLD – Daily Chart: Cloud Mining!

Since the candle August 10prices broke through the top of the daily cloud.

EGLD – Daily Chart

Although these are struggling to take off, as some other cryptocurrencies have done this week, there are many positive points to observe.

Indeed, the daily tenkan accompanies and plays the role of support throughout this ascent. The chart shows a short-term resistance located at $68. A breakout of this level will give a confirmation signal to first get the $90then, if the momentum is maintained, the $117 in extension.

Also, from a graphical point of view only, the prices are testing this weekend the break through the top of the short-term range. If this test is conclusive, then EGLD will be able to pick up the targets mentioned above. In case of reintegration of the range, the daily Kijun will act as the first support, at $59, to save prices.

Finally, the indicator MACD and ROI confirm the short-term upward trend, with means above their midline.

The evolution of the EGLD/BTC pair: The positive is approaching

Facing the king of cryptocurrencies, EGLD is less relevant and calls for caution.

EGLD/BTC Pair – Daily Chart

In effect, prices have stumbled three times on the short-term resistance (white line) and still fail to break this level.

Whether EGLD wants to outperform Bitcoin for the rest of the summer, this remains the main target to break.

However the daily kijun plays the role of support wonderfully. Time will therefore decide between these two cryptos and it is necessary to remain patient while waiting to see in which direction the prices intend to evolve for this pair.

Thank you for following this analysis and your loyalty! See you next week to dissect another cryptocurrency.

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