EGLD Technical Analysis: Buyers Lost 200-day EMA support

EGLD coin prices show a bearish reversal from the $214 resistance. Therefore, the dip buyers aim for the support trendline to kickstart a new recovery. Key technical points: Ascending triangle pattern governs the EGLD price action. The coin price nosedive below the crucial EMAs(20, 50, 100, and 200) Finally, the 24-hour trading volume of Elrond is $211.5 Billion, marking a 44.85% rise. Past Performance of EGLD On March 14th, the EGLD price rebounded from an upcoming support trendline ($130). As a result, the new bull cycle surged 63.5% and high the monthly resistance zone near $214. However, last week the technical chart projected several higher price rejection candles at the $200 mark, indicating the buyers were exhausted. As a result, altcoin reverted 20% and dropped to the $162 spot. Source-Tradingview EGLD Technical Analysis The EGLD traders are actively responding to an ascending triangle pattern. The current bear cycle from the $200 resistance is gradually nearing the bottom support trendline. The coin price tags $165 local support and is trying to sustain above it. Due to the recent price drop, the EGLD buyers have lost the crucial EMAs support. As a result, these EMAs line could act as solid resistance levels, indicating the path to least resistance is downward. RSI Indicator: During the recovery rally, the RSI slope tagged the 70% mark on March 24th. However, the indicator showcased lower high formation since then, wh...