EGLD Technical Analysis: Recovery Ready To Challenge $100 Sellers

The EGLD price chart shows a morning star pattern ready to challenge the long-coming resistance trendline as the buying pressure increases. Key technical points: The EGLD market value increased by 18.78% in the last 24 hours. MACD and signal lines retain the bullish alignment The 24-hour trading volume of Elrond is $98 Million, indicating a hike of 99.05%. Past Performance of EGLD EGLD market value has been deflating over the past few months under the influence of a highly bearish trendline. The downtrend started after the rounding bottom pattern failed to surpass the $200 mark resulting in a downfall under $100. Since April, the trendline accounts for multiple bearish pushdowns and deflates the market price by 65%. Source-tradingview EGLD Technical Analysis Despite the ongoing downtrend in the bigger picture, the EGLD price regains bullish momentum near $66, resulting in a morning star pattern. The reversal soars the market value by 25% in two days and prepares a siege to $100 to break above the resistance trendline. The MACD indicator shows the fast and slow lines avoiding a bearish crossover as they re-emerge in a bullish alignment after the recent merger. Moreover, the bullish histogram picks up the pace after a resting phase reflecting a resurgence in buying pressure. Furthermore, there is the Vortex, and DMI indicators display a high possibility of a bullish crossover to certify a trend reversal as the spread between VI ...