Elrond (EGLD) will go up to $80, but that has to happen first

• EGLD price is showing a spark of strength as the price bounced back from $45 in good size.
• EGLD continues in a range bound movement as the price aims to break before rallying to $80.
• EGLD price continues to trade above the 50th exponential moving average (EMA) as the price creeps up on the daily time frame.

Despite the market uncertainty that has affected the prices of many cryptocurrencies in recent weeks, the price of Elrond (EGLD) has remained strong. Elrond (EGLD) held its ground, defending its support as the price remains in a range, with a possible breakout as the price targets $80. Bitcoin (BTC) price rose from a low of $19,100 to $19,600 as it attempted to break through to $20,000. A successful breakout will trigger a bounce back for the majority of crypto assets in the market. (data from Binance)

Elrond (EGLD) price analysis on the weekly chart.

Although there have been some big price moves in recent weeks due to the many great partnerships and projects that have been built on the Elrond Network, EGLD has attracted the attention of traders and investors with its unique use case as many are looking for buying opportunities.

The bear market had a fair share of the EGLD price, as the price of EGLD fell from the high of $500 to the weekly low of $40, as the price managed to form good support for a panic sell-off.

MATIC price rose after forming a good support to the high of $68, and the price was rejected to $45 despite showing great strength to break and close above this resistance. The rejection of EGLD from this area led to the price range building more buyers other than exiting this range.

EGLD price weekly resistance – $70 – $80.

Weekly EGLD price support – $45.

EGLD price analysis on the daily chart (1D)

On the daily time frame, EGLD price continues to trade below the key resistance at $65; Despite rebounding from daily lows, EGLD price is facing a break test above $65.

If EGLD breaks out and settles above $65, we can see EGLD price rise in a good size to $80, but if EGLD price fails to break out, the price could be rejected back into the $45-$65 range.

On the daily time frame, the Relative Strength Index (RSI) for EGLD is looking good after rising from the oversold territory, indicating a good buying volume for EGLD.

EGLD daily resistance – $65.

EGLD price daily support – $45.

Featured Image From Cryptoninjas, Charts From Tradingview 

Originally published at San Jose News Bulletin