EGLD Technical Analysis: Supporting Trendline Brings EGLD Buyers Back

The falling trend in the EGLD coin price finds support at the ascending triangle helping initiate a bullish fightback. But, will this reversal reach $200? Key technical points: The MACD indicator shows a bullish crossover. The 50-day EMA provides resistance to the bullish reversal in EGLD prices. Finally, the 24-hour trading volume of Elrond is $187 Million, marking a 88% rise. Past Performance of EGLD EGLD coin price shows a double bottom breakout after a downfall of 25% from $200 to reach the $150 mark. The rise /in the underlying bullishness forms a double bottom pattern near the psychological level and skyrockets after finding support at the ascending trendline. The rally inflates the coin price by 1% in the last three days and breaks above the $160 mark to challenge the 50-day EMA. Source-Tradingview EGLD Technical Analysis EGLD coin price the double bottom breakout rally struggling to surpass the selling at $165 as it shows higher price rejection. Hence, the likelihood of a reversal to retest the $160 level is increasing. The crucial daily EMAs (50, 100, and 200) maintain a bearish alignment with the 50-day EMA, acting as the first line of attack against bullish growth. However, the post-retest rally could surpass the 50-day EMA easily if successful. RSI Indicator: The RSI slope moves sideways along the halfway line after the consolidation breakout in the nearly oversold zone. And the lack of divergence promotes the idea...