EGLD Technical Analysis: Downtrend Retests $50, Ready To Crack $40

EGLD prices showcase a bullish reversal retesting the breakout of $50, but the higher price rejection leads to the downtrend to $40. Key technical points: The market price has increased 1.70% over the past 24 hours. The price action shows a long-term downtrend generating a descending trendline. The 24-hour trading volume of Elrond is $93.80 Million, indicating a drop of 46.67%. Past Performance of EGLD EGLD prices failed to surpass the $50 resistance despite a reversal from the $40 mark with lower price rejection. The bullish failure leads to the prevailing trend as the sellers overtake the trend control. Currently, the downtrend accounts for an 80% drop in market value since April 2022 and generates a highly bearish resistance trendline. Source- Tradingview EGLD Technical Analysis The formation of the bearish candle at the high supply zone close to the psychological mark of $50 increases the selling momentum. However, the traders should wait for a closing below $40 for better confirmation. The daily-RSI slope shows a bullish reversal within the oversold zone but struggles to surpass the boundary indicating a potential downtrend continuation. Moreover, the 14-day SMA shows a falling trend and creeps under the oversold boundary. The MACD indicator displays a bearish crossover leading to a flattish trend in the fast and slow lines. Moreover, the reversal decreases the intensity of bearish histograms and weakens the short-term be...