EGLD enters pricing mode with a target of $ 440

EGLD appears poised to turn bullish after breaking a major resistance level. More buying pressure will drive EGLD to a new all-time high (ATH).

EGLD prepares for higher peaks

EGLD enters pricing mode after breaking previous ATH near $ 303.

The 37th cryptocurrency by market capitalization has been consolidating since September 8th. As the EGLD hit a series of higher lows, the USD 303 resistance area refused to go any further. This action resulted in an ascending triangle formation on EGLD’s 12 hour chart.

The recent escalation in buying pressure has pushed EGLD’s price up nearly 20%, allowing the price to break through imminent resistance and create a new ATH at $ 327. The positive momentum also helped confirm the bullish breakout of the consolidation pattern. Accordingly, EGLD could rise another 35% to $ 440.

This target is determined by measuring the distance between the two highest points of the triangle and adding it to the breakout point.

Source: TradingView

It should be noted that EGLD must continue to trade above the $ 303 to $ 296 range for the ascending triangle to remain a dominant pattern. Conversely, not holding above this important demand barrier could lead to significant losses.

The Fib retracement indicator, measured from the previous ATH near $ 303 on September 14th to $ 121 on September 7th, provides an indication of where price could go next.

Breach of this fundamental support could result in a correction towards the $ 264 level. A rise in selling pressure around this price should present a more pessimistic outlook while the next key area of ​​support is at $ 212.

You can see the price of EGLD Here.

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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.

Minh Anh

According to CryptoBriefing

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