Hey all, here is a quick analysis on EGLD / Elrond I'm looking into for a friend (Hi Johnny!). The descending wedge has broken on this daily chart indicating a (confirmed) move upward. We've been climbing consistently ever since the breakout however daily MACD indicates bulls are loosing control and we'll soon experience bearish price action. RSI indicator is overbought, this could indicate a short term reversal in price action on the daily scale. I would expect a dip in price over the next several days. Prices will still likely trace the macro crypto currency environment to some degree but this asset is likely to loose some traction when compared to other similar chains such as Stellar, Solana, and Cardano. Its not clear how far along they are on their development roadmap, but they have source code right on their home page which is a big plus in my book. This asset could surprise you but will have difficulty keeping up with other similar assets that have already taken over a large portion of the market share.
Over the last few days the price seems to have reached a top and is showing signs of a reversal already. This is contrary to the fact the 200 day MA is sloping up to (hopefully) intersect the 50 day moving average. This "golden cross" would be a highly bullish signal indicating we are only roughly half way through this move upwards. EGLD or Elrond has a market cap of $2.7 million and ranks #48 in terms of overall market cap. If I were holding a large amount I would want to know more about the dev team, how many projects the chain has, and how mature it really is. Does it work, or is it just vaporware wrapped in an ERC20 token? It's hard to tell sometimes.... when in doubt though, follow the money. coinmarketcap.com/ is a great way to see which assets in the space are receiving the most attention.
Best wishes and happy trading!
p.s. I am not a financial advisor and do not give financial advice.
Over the last few days the price seems to have reached a top and is showing signs of a reversal already. This is contrary to the fact the 200 day MA is sloping up to (hopefully) intersect the 50 day moving average. This "golden cross" would be a highly bullish signal indicating we are only roughly half way through this move upwards. EGLD or Elrond has a market cap of $2.7 million and ranks #48 in terms of overall market cap. If I were holding a large amount I would want to know more about the dev team, how many projects the chain has, and how mature it really is. Does it work, or is it just vaporware wrapped in an ERC20 token? It's hard to tell sometimes.... when in doubt though, follow the money. coinmarketcap.com/ is a great way to see which assets in the space are receiving the most attention.
Best wishes and happy trading!
p.s. I am not a financial advisor and do not give financial advice.