EGLD maintains uptrend with recovery from long-term support
Elrond (EGLD) has validated the long-term ascending support line drawn since November 2020.
Technical indicators support the continuation of the upward trend. A surge above $ 125 will confirm the uptrend.
EGLD bounces off the long-term support line
EGLD has fallen since hitting an all-time high of $ 245.8 on April 12th. The decline culminated in a low of $ 65.95, which was hit on May 23.
The decline served to confirm the long-term rising support line. This is the sixth contact of this line since November 2020.
Technical indicators give bullish signals. The RSI has made a bullish divergence and the Stochastic oscillator has produced a bullish cross. In addition, the MACD is rising. As long as the long-term support line holds, the trend can therefore be viewed as bullish.
Daily EGLD / USDT chart | Source: TradingView
The shorter six-hour chart is showing a descending resistance line pulled from the aforementioned all-time high. Right now it’s near $ 155.
While the rally and the presence of long-term support are both bullish signs, price action has yet to confirm that the correction is complete. A jump above the low of USD 125 (red line) confirms that this is a completed ABC correction and not a bearish impulse.
The short-term MACD and RSI support the emergence of this uptrend in which the RSI has just passed the 50 mark.
EGLD / USDT 6-hour chart | Source: TradingView
EGLD / BTC
Trader CryptoNTez outlined the EGLD / BTC chart, suggesting that the pair rebounded heavily after approaching the support zone.
EGLD / BTC has actually ricocheted off long-term support at ₿0.00225. This area previously acted as a resistance in June 2020. Hence, the current decline could be viewed as a re-test of the uptrend.
In addition, the weekly RSI has created a potential bullish divergence, a strong sign that the trend is continuing.
Hence, the long-term trend can be viewed as bullish.
Weekly EGLD / BTC Chart | Source: TradingView
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto