Elrond Support at $50, Potential Bounce or Deeper Pullback Looms
Elrond currently hovering around a crucial support zone between $52 and $50 on the daily timeframe chart. I am closely watching this price action to gauge the token's next move.
Potential Bounce Back in Sight
If EGLDUSDT manages to hold above $50, a bounce back towards $61, which acts as a resistance zone, is a possibility. This bullish scenario would be welcomed by investors who have been accumulating EGLD in recent weeks.
Support Breach Could Lead to Deeper Pullback
However, if the support at $50 fails to hold, EGLD could experience a deeper pullback towards $48 or even lower, to $47. This bearish outcome would likely trigger selling pressure from short-term traders.
Eyes on Key Levels
In the coming days, market participants will be keenly observing whether EGLD can establish support above $50. A decisive break above this level could signal a bullish reversal, while a breakdown could lead to further losses.
Potential Bounce Back in Sight
If EGLDUSDT manages to hold above $50, a bounce back towards $61, which acts as a resistance zone, is a possibility. This bullish scenario would be welcomed by investors who have been accumulating EGLD in recent weeks.
Support Breach Could Lead to Deeper Pullback
However, if the support at $50 fails to hold, EGLD could experience a deeper pullback towards $48 or even lower, to $47. This bearish outcome would likely trigger selling pressure from short-term traders.
Eyes on Key Levels
In the coming days, market participants will be keenly observing whether EGLD can establish support above $50. A decisive break above this level could signal a bullish reversal, while a breakdown could lead to further losses.