EGLD Technical Analysis: Morning Star Challenges Resistance Trendline

EGLD price shows an early bullish reversal with a morning star pattern at $50 as an attempt to exit the resistance trendline influence. Key technical points: EGLD prices have increased by 4.49% in the last 24 hours. The price action shows a morning star pattern at $50. The 24-hour trading volume of Elrond is $65 Million, indicating a rise of 30%. Past Performance of EGLD The EGLD price Action shows a long-term downtrend within the influence of the resistance trendline accounting for a downfall of 60%. However, the recent bullish reversal from the bottom support of $40 lowers the deflation rate from 60% to 45%. Furthermore, the price action forms a morning star pattern to challenge the resistance trendline teasing a potential bullish breakout. Source- Tradingview EGLD Technical Analysis The EGLD prices show an increase in buying pressure, evident by the spike in trading volume. Hence, the growing demand inflow increases the possibility of market price exceeding the resistance trendline. The MACD indicator shows a history of avoiding bearish crossovers, which continues in the recent merger of the MACD and signal line. Hence the technical indicator shows an increase in buying pressure, supporting the idea of a bullish breakout. The RSI indicator shows a sharp reversal within the nearly oversold region, ready to exceed the halfway line. This reflects an increase in underlying bullishness as it surpasses the 14 days average line. I...