Elrond (EGLD) Daily Breakout, Key Resistance in Focus
Elrond is currently hovering around a crucial resistance level of $74. A decisive breakout above this level could propel EGLD towards $84.
EGLD has been on an upward trajectory in recent weeks, buoyed by positive developments within the Elrond ecosystem. However, the token has encountered resistance at the $74 mark. A failure to breach this level could lead to a retracement down to the $70-$66 support zone.
Technical Analysis: The Relative Strength Index (RSI) is currently hovering around the neutral zone, indicating neither overbought nor oversold conditions.
My Opinion: I believe that a sustained breakout above $73-$75 is critical for EGLD to maintain its bullish momentum. If the token fails to surpass this resistance level, a correction towards the $70-$66 support zone is likely.
not financial advice.
EGLD has been on an upward trajectory in recent weeks, buoyed by positive developments within the Elrond ecosystem. However, the token has encountered resistance at the $74 mark. A failure to breach this level could lead to a retracement down to the $70-$66 support zone.
Technical Analysis: The Relative Strength Index (RSI) is currently hovering around the neutral zone, indicating neither overbought nor oversold conditions.
My Opinion: I believe that a sustained breakout above $73-$75 is critical for EGLD to maintain its bullish momentum. If the token fails to surpass this resistance level, a correction towards the $70-$66 support zone is likely.
not financial advice.