The past week has been phenomenally good for EGLD (Elrond). EGLD has undergone one of the biggest rallies in the past 48 hours. As of February 10, 2021, EGLD closed at $176.22. The opening price of EGLD was $67.95 on February 4, 2021. The price has grown by approximately 160% in the past week. Past Trends for EGLD After a bullish start to the week, the EGLD price started dipping gradually. On February 9, 2021, the EGLD opening price was $163.35. As of February 14, 2021, EGLD closed at $154.14. Thus, the price has dropped by approx. 6% in the past week. In the past 24 hours, EGLD has traded between $65.60-$163.80. https://ift.tt/3u0M247 Technical Indicators for the Day-Ahead and Tomorrow Currently, EGLD is trading at $127.37. The price has dropped significantly from the opening price of $154.26. The price is below the EMA and SMA lines. Thus, we can expect a further drop in the price. However, the A/D and OBV indicators are rising. There is a bullish divergence here. Buying pressures are slowly overtaking the market. Hence, the downtrend is weakening. We can expect a price rise. The RSI indicator is at 46%. It just touched the 30% mark a few minutes back. It has started rallying. There is a ‘buy’ signal for swing traders. Thus, the price is set to rise again after intermittent price adjustments. Similarly, the actual value and 3-day SMA lines of the Stochastic oscillator had entered the ‘oversold’ region a few minutes back. But, now they have started rallying. Moreover, a bullish crossover by the actual value line over the 3-day SMA line indicates a price uptick. However, the AO indicator is still negative. But, the ‘sell’ signals are losing strength. Hence, we can expect the AO indicator to become positive in some time. This also implies that some price corrections are still happening. The MACD and signal lines are negative. But, they are inching closer to the zero line and may turn positive in some time. Plus, the MACD line has crossed above the signal line. Thus, the price will start rising again after intermittent price pullbacks. The ADX indicator was falling a while back. But, now it is upward sloping. Thus, the bullish momentum is gaining strength. Hence, the price will start moving upwards. The current price is above the Fibonacci pivot point of $127.89. However, a trend reversal can be confirmed if the price surges past the first Fibonacci pivot resistance level of $165.40, by the end of the day The EGLD price has tested the 61.8% FIB retracement level of $126.29. However, the price is rising now. If the price retests the 76.4% FIB retracement level of $140, then the price is expected to move upwards tomorrow as well.
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