EGLD Technical Analysis – September 2021
Monthly Analysis
EGLD has been one of the most profitable investments in the last few weeks. Its price has increased by 360% since July 20th of this year. EGLD has been extremely bullish, and signs suggest that it may still keep going in this manner.
Weekly Analysis
In just the last 7 days, EGLD has increased by about 120%. This increase was marked with an all-time high at $297. Because of that, it is expected that the price might retrace before continuing its bullish run in the coming days.
Daily Analysis
In terms of the intraday chart, EGLD has been quite volatile, ranging from $250 to $289. This price movement has been quite profitable for day traders. We might expect EGLD to further decline in the coming hours if it wants to maintain its bullish nature.
Key Structures
Support
- $223
Resistance
- $297
Indicators
Moving Average
The 20-day moving average suggests that EGLD is quite bullish. The price might pull back, but it is likely that the bullish run continues for EGLD. The MA might act as support in the longer run.
The 9-day EMA also suggests that the trend can continue for EGLD. It is edging closer to the price of EGLD due to the recent price decline in the last hours, but it may support EGLD and keep going higher.
Relative Strength Index
The RSI is over 70. This increase in the price of EGLD has made it overbought, so it is likely that traders might begin to sell their EGLD in the coming hours. This is one of the reasons why EGLD is likely to decline. However, once EGLD is within the 40-70 range again, its price might continue increasing.
MACD
The MACD indicator also suggests extreme bullish tendencies for EGLD. The MACD line is way above the signal line, indicating that the momentum is unlikely to change immediately.
Fear & Greed
Fear and greed indicators suggest that there is a lot of greed for EGLD. While this entails bullish movement, it can also mean that the price might decline if greed levels remain so high.
Fibonacci
The Fibonacci levels suggest that Elrond might retrace to the 38.2% level, other things equal. If it finds support there, it may jump upwards and retest resistance at $297. In the longer term, if EGLD goes further down, the 61.8% level at $151 might also prove to be a strong level of support.
Price Prediction Elrond – September 2021
Based on this technical analysis, we might see the price of EGLD dip in the coming days to $223. If EGLD finds support there or any other price level above that, we might see EGLD aim for $350 this month. Nonetheless, a shift in momentum is also quite possible due to the RSI being so high.
Latest News for Elrond – Affecting Price
Copper, a stellar company for digital asset infrastructure and trading solutions, has recently integrated the Elrond protocols to enhance the performance of both. Such additions to the Elrond blockchain can easily drive the price of EGLD higher. That has been the case so far for EGLD, and it may as well continue in the following weeks, other things equal.
Also read: Dogecoin Price Prediction September 2021: Support At $0.21 Is Key For DOGE