Elrond is a fast, hack-free, tamper-proof, secure, and highly scalable blockchain platform. It aims to provide a robust ecosystem for building decentralized apps, enterprise use cases, and a new internet economy. EGLD is the native token of this network. Let us look at the technical analysis for the same. Past Performance On Jun 22, 2021, EGLD opened at $68.27. On Jun 28, 2021, EGLD closed at $73.49. Thus, in the past week, the EGLD price has increased by roughly 8%. In the last 24 hours, EGLD has traded between $65.24 – $78.04. https://ift.tt/2UbxqkU Day-Ahead and Tomorrow Currently, EGLD is trading at $77.71. The price has increased from the day’s opening price of $73.49. Thus, the market seems bullish. The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect a price pullback amidst an overall positive trend. Currently, the RSI indicator is at 60%. It faced rejection at 64% and fell to the current level. Hence, selling pressures are slowly building. High selling activity will exert downward pressure on the EGLD price. Moreover, the OBV indicator is upward sloping. Thus, buying volumes are slowly surpassing selling volumes. High buying activity will push the price further up. In short, all three indicators have given bullish signals. In short, when we look at all three oscillators together, we can say that the overall market momentum is bullish. However, intermittent price pullbacks cannot be ruled out. Moreover, we have to wait and watch to see if the price pullbacks are temporary or indicative of a trend reversal. EGLD Technical Analysis Currently, the price is below the first Fibonacci pivot resistance level of $77.15. It may soon surpass it and further break out of the second resistance level of $80.17. Thereafter, we have to wait and if the price continues to rise or starts falling. Presently, the price is above the 23.6% FIB retracement level of $75.02. The price may soon test and rise above the 23.6% FIB extension level of $81.06. If the price retests and falls below these levels by day end, then probably a price downtrend has set in. In that case, we can expect the price to continue falling tomorrow as well.
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