EGLD is currently the top gainer of the market following a daily 60% surge to its highest price level in eight months. It encountered resistance and dropped briefly, looking for nearby support to fuel more rally.
Following two years of steady decline, EGLD found support above $22 in September and recovered briefly. It faced multiple rejections on the way up and fell back after weeks of trading.
Last month, it re-established support at that mentioned price level and started to show signs of strength. After three weeks of steady recovery, the price broke out of a crucial descending trendline that served as dynamic resistance for 15 months.
At the same time, the asset seems to be out of the woods in the short term. However, the price has retraced a bit after touching $53.45 today. A deep correction could bring the price back in its long downward range.
But currently, the price is still looking strong on a daily. We can expect more positive actions if the buyers sustain momentum.
The latest surge in volatility reveals that the bulls are stepping back in the market. Even if the price corrects deeper, EGLD must fall below last month’s low before we can consider bearish movement. For now, the bulls are in control.
EGLD’s Key Level To Watch
From the daily high, the crypto has pulled below the $50 level. A bullish reinforcement above that level could propel buying to the $54.2 and $58.40 resistance levels. The higher level for a mid-term break is $70.
If the price drops lower, the immediate level for support is $44.68. Lower support levels for drops are $38.3 and $30 in case of a heavy fall.
Key Resistance Levels: $49.9, $54.2, $58.40
Key Support Levels: $44.68, $38.3, $30
- Spot Price: $47.7
- 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.