Elrond Price Analysis: EGLD Price Ready Mark New Higher Highs In Its Technical Chart

The technical outlook for EGLD/USD states a strong uptrend. Moreover, the coin has recently reclaimed the previous ATH level of $300, indicating even more potential for EGLD. How far will this rally go?

• The 50-day EMA acts as dynamic support to the EGLD coin price
• The intraday trading volume in the EGLD coin is $182.2 Million, indicating a 52% hike

Source- EGLD/USD chart by Tradingview

The EGLD coin displays a steady uptrend in its technical chart with a series of higher highs and higher lows. Though this rally was experiencing a strong rejection from the $300 resistance, on November 3rd, the coin price managed to provide a decisive breakout from this level, with a strong surge in the trading volume.

The EGLD coin price is trading above the crucial EMAs (20, 50, 100, and 200), indicating a strong bullish alignment in its chart. In addition, the 50 EMA line is providing dynamic support to the coin price.  

The Relative Strength index line moving above the neutral line(50) indicates a bullish sentiment. However, the RSI chart displays a clear bearish divergence, suggesting a slight weakness among the coin buyers.

EGLD/USD Chart in the 4-hour Time frame

Source- EGLD/USD chart by Tradingview

After the EGLD coin breached the $300 resistance, its price retraced back to retest this level and check if it can offer proper support or not. The coin price took its sweet time of a few days to sustain above this level, and as of today, it has started showing a proper follow-up for the bullish breakout.

The EGLD chart level shows a great confluence with the traditional pivot levels, using which the crypto traders can identify the possible resistance level. According to these pivots, the nearest resistance for this coin would be at $344, followed by the $370.

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