The price of EGLD increased by 13% amid the latest market recovery. Following this gain, it’s spotted as the top gainer of the market on a daily and weekly scale. It encountered resistance and failed to surpass the $50 mark.
Just after the crypto market recovered a bit yesterday, EGLD bounced off $37, started to increase, and closed far well above the $40 level.
It reiterated actions today and surged by almost 25% to tap $49.9 as the current daily high. The price later quickly retraced and dropped to a trading price of $45.5, trying to retest the $44.68 level that price flipped in the early hour of the day.
In the same vein, this rejection comes after testing at the upper boundary of the channel, acting as resistance since last year August. This makes the descending channel valid, indicating the trend is still bearish on the daily chart.
But the interesting thing here is that March’s low is held as support since the previous fall – showing that the bulls are seriously buying at that level. Their latest reactions on the daily volume indicator suggest that volatility is increasing.
Yesterday and today’s candle formation also reflect a big volume inflow. It could move out of the channel if the price continues to surge, especially if the flipped level serves as solid support. While March’s low serves as short-term support, a crack below it will cause more dips.
EGLD’s Key Level To Watch
Right now, the vital resistance level to pay attention to is the current daily high. Overcoming it will pave the way for an increase toward the $54.19 and $58.40 resistance levels in the future.
If the price retraces below today’s flipped level of $44.68, there’s still hope for recovery at the $40 support level. The current monthly support is marked at $37.
Key Resistance Levels: $49.9, $54.19, $58.40
Key Support Levels: $44.68, $40, $36
- Spot Price: $45.5
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: actiongp/123RF // Image Effects by Colorcinch