EGLD Technical Analysis: Will Elrond Prices Sustain Above $50?

EGLD prices showcase a surge in buying pressure with a reversal from the $40 mark. Will the reversal rally surpass the resistance trendline? Key technical points: The EGLD market price has increased 20% over the past 24 hours. The 20-day EMA provides constant dynamic resistance. The 24-hour trading volume of Elrond is $78 Million, indicating a drop of 6%. Past Performance of EGLD The crypto crash in April has taken a significant toll on EGLD prices as it started a long streak of lower high formation. The downtrend drops to $40 within three months and accounts for an 80% drop in market value since April. However, the recent double bottom reversal from $40 challenges the 20-day EMA and the long-coming resistance trendline. Source- Tradingview EGLD Technical Analysis The bullish reversal in EGLD prices surpasses the $50 mark and has jumped 20% over the last 24 hours. However, the drop in trading volume questions the sustenance of the uptrend. Hence, bullish traders must wait for the price action confirmation to avoid a reversal trap. The RSI slope shows a growth in the underlying bullishness and a bullish divergence in the double bottom. Moreover, the bullish crossover in the MACD and signal lines represent a buying opportunity as the positive histograms start a rising trend. The price drop in Elrond prices results in a drastic drop in EMAs, resulting in a bearish alignment. Moreover, the 20-day EMA(blue) provides constant supply...