EGLD Technical Analysis: Bearish Continuation Patter Teases Downfall

The EGLD coin price retraces within the inverted flag and is on the verge of giving bearish fallout to reach the $120 mark. Elrond is a cryptocurrency protocol that aims to offer speedy transactions through the concept of sharding. It is described as a technology-based ecosystem that is geared towards the internet of the future and encompasses financial technology, decentralized finance, as well as the Internet of Things. Elrond claims to be a blockchain platform designed for the future of the internet economy with decentralized applications, as well as for enterprise use. The main reason for this is its high scalability declaring that this is the only blockchain platform where states, networks, and transaction sharding have been implemented. Let us move ahead to read about EGLD technical analysis. Past Performance of EGLD The EGLD coin price retraces 30 points from $120 to $150 after the downfall of more than 40% the week prior to retracement. However, the retracement creates a bearish flag pattern, which is a trend continuation pattern. Moreover, the price fell by 7% in the past 24 hours increasing the possibility of a fallout below the rising channel. EGLD/USD Daily Chart EGLD Technical Analysis The EGLD technical analysis shows coin price facing the wrath of increased selling pressure as it trades near the support trendline of the channel. Hence, traders with bearish intent can find entry opportunities with the closing bel...