EGLD Technical Analysis: Bullish Momentum Brings Triangle Breakout

EGLD coin price surpasses the long-coming resistance trendline resulting in the triangle breakout. Will the breakout rally reach the $200 mark? Key technical points: EGLD prices surpass the $165 mark. The 50-day EMA collapse forecasts a jump to the 100-day EMA. The 24-hour trading volume of Elrond is $242 Million, marking a 36% rise. Past Performance of EGLD The EGLD coin price surpasses the $160 support level, and the long-coming resistance trendline sabotaged multiple bullish recoveries. The rally comes with the company of the support trendline resulting in the triangle breakout. Furthermore, the rally surpasses the 50-day EMA and heads higher to the 100-day EMA. Source-Tradingview EGLD Technical Analysis EGLD coin price shows a recovery of 25% in the past 72 hours resulting in the triple white soldiers’ pattern indicating an uptrend. However, the trendline breakout demands a retest which will bring an excellent entry point. The rally breaks above the 50-day EMA and heads higher to approach the 100 and 200-day EMA bearish aligned. Moreover, as the buying pressure increases, the 200-day EMA breakout possibility becomes a plausibility. RSI Indicator: The RSI slope spikes above the 50% mark and ends the downtrend started after the rejection faced at the overbought boundary. MACD Indicator: The MACD and signal lines diverge to regain the bullish alignment and boost the bullish histogram trend. Hence, the indicator remains highly...