Elrond was founded by Biniamin Mincu, Lucian Mincu, and Lucian Todea in 2017. It is aimed to increase transfer speeds in the transactions by using sharding. EGLD is the native governance token for the Elrond cryptocurrency. Let us look at the technical analysis of EGLD.
Past Performance of Elrond
The EGLD opened at $254.37 on October 4, 2021. The week ended with a close at $240.62 on October 10, 2021. Thus, there was an overall decrease of 5.5% across the week.
EGLD Technical Analysis
The trend is forming a narrow zone as higher lows are being seen, but still, there is an overall decrease in the prices. The trend is also expected to enter a box between $278.27 and $222 levels.
EGLD is trading at $244.46 right now, which is 1.8% above. Hence, a target can be set for $278.27. The chart is currently taking support at $239.40.
OBV is showing that the buying pressure is greatly dominating the selling pressure. This is a bullish signal. Traders may take a long position if the price continues to increase.
RSI is near the equilibrium level at 54.63%. This is a neutral signal, and hence traders may hold their current position based on this.
MACD is confirming the last week’s chart of being in a box. This can be seen as both the fast and slow lines are moving very close to each other. MACD is showing no divergence here.
Day-Ahead and Tomorrow
Fib numbers are again showing that the price is oscillating primarily between $259 and $225.61.
Thus, some indicators are showing a bullish signal, while the charts suggest that the trend is entering a box. Traders may hold their current position or take a long position by keeping the target of $278.27 by placing the stop-loss at $239.40.
#Trend #Expected #Move #Box