๐ Daily TA: Elrond (EGLD/USD) | 25-04-2021
Hello, dear members of LeoFinance!
Today, I want to make an update on the price chart of Elrond.
The price of Elrond increased significantly after my previous price chart analysis. However, now, EGLD/USD is undergoing a correction, in the daily chart (1D): As can be seen from the chart, EGLD/USD jumped to the upper line of the potential Ascending channel and after that, it has sunk to the lower line of the channel. Theoretically, the price of the cryptocurrency may receive support at the current levels. First, it is at the lower line of the potential channel. Second, it is at the 90-day Moving Average (MA 90).
Nevertheless, it is not 100% sure that the price will rebound and resume the uptrend. That's why it is worth waiting for a bullish signal indicating uptrend renewal before entering the market.
To be continued ...
As of the time of writing, one Elrond costs $152.65 on the Bitfinex crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last almost 15 years and as a cryptocurrency analyst for the last almost 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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