Let's take a look at the daily price chart of Elrond. This analysis comes at the request of @acesontop. Yes, what many don't realize is if you ask me to look at a chart...I tend to do a post on it, well most of the time ;-)
Back Where It Started..
Looking at the chart above we can see that the bull run for EGLD occurred in 2021, much like many other coins. However, a bull run was all that was reallly known for this coin given that it didn't get listed on many exchanges until late 2020.
So, the question becomes: what are the price support levels on the way down?
Using prior consolidations on the way up and pivot tops and bottoms is are best best for discovery.
You see see looking further to the right on the chart how some of those levels played out and some did not.
Where we are now...
The two most active price levels I see are the $220 area and the $68 area. Quite the spread, but also a clear range.
Issue is, price is still below the $68 which will most likely act as a resistance after being a clear support level on many ocassions.
So that is the first needed step to bullishness. Establish price above $68.
If that does not play out, then the downside potential is the $35 area, which marks a early consolidation spot from early on in the 2021 bull run. This doesn't mean that is the next support, but that is a potential area if we do see more downside.
If we do see a rally, there is a lot of price action at the $125-$130 area which is still a good amount of real estate.
This coin has had quite the ride with an all time high over $500.
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Thanks for the TA. I will add heavily at $35. I'm a believer in Elrond.
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Haha, ok....not financial advice :-p There are so many coins to choose from. I have been looking at Cosmos of late too. Too many coins not enough $$$
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I owned Cosmos at some point...
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You may have a look at Firepin as well :)
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None of the charting sites or services I use have a chart for it :-(
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What is your investment case for Elrond? Just curious.
Saw a video these days with a guy who also had it on his list as a top Altcoin for the next bull run.
I don't own it or know much about that chain. It was a pure technical analysis of the price chart per a request.
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I've got some EGLD in staking.
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Thanks for the TA. It looks like all the alts are in the same boat and waiting for bitcoin to lead the way as usual. This is a great buying opportunity for such gems as Elrond, Avalanche, Cosmos, Render, Sandbox and others.
Yeah, I have some Cosmos and am thinking I'm going to add more when I start buying alts.
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When you look at a lot of cryptos it honestly feels like we are back where we started. That pre lock down covid time. That's why I don't see much more of a correction happening. If anything I think we kind of stagnate here for the next few months and then push into a renewed rally. I have a feeling this one is going to be much faster and we wont be waiting 2+ years like before.
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Man I hope you are right. I do not feel like waiting 2 yours again lol.
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It all depends on the macro. What if the Fed decided to hike the rate again; the possibility of that is very high as the real interest rate is still deeply negative.
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500 to 68, hehe
Well then 68 to 1.
What is that backs this coin?
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https://elrond.com/
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Happy to see a post on EGLD here on Hive!
I shall share this post on Twitter later, to give LeoFinance and Hive exposure.
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Cool deal!
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