EGLD staking goes live on Atomic Wallet while Elrond price prints key bearish pattern

Elrond (EGLD) price is in the red after losing 2.1% of its value over the last 24 hours. It is exchanging hands at $43.71 on Tuesday during the American session while bulls work around the clock to prevent a possible 18.10% breakdown. On the other hand, a recovery could ensue amidst EGLD's exposure to over four million users by Atomic Wallet.

EGLD staking is now available on Atomic Wallet

Atomic Wallet, a crypto wallet dedicated to buying, selling and staking cryptocurrencies, has finally announced EGLD staking. The token was integrated into the platform's non-custodial wallet a few weeks ago, exposing EGLD to over four million global users.

The staking service has been enabled on Atomic Wallet's mobile and desktop platforms. Interested users can now "contribute to the MultiverseX (Elrond) blockchain directly from their wallets while earning results for their contribution."

#MultiversX integrations are expanding. @AtomicWallet now enables $EGLD staking

4M+ users can now stake, take part in securing the network, and earn daily rewards.https://t.co/y1z8mzJQRi pic.twitter.com/4kos5ahJoU

— Beniamin Mincu | MultiversX.com (@beniaminmincu) December 14, 2022

Atomic Wallet is home to over 500 crypto assets. The decentralized platform stands out from the rest for providing a simple, safe and convenient user experience for beginners and experienced users to manage their cryptocurrency assets.

Elrond price is on the verge of an 18.10% collapse

Elrond price bounced off support at $40.00 following an FTX-triggered sell-off in November from highs marginally above $60.00. As bulls pushed for an immediate recovery, EGLD consolidated in a rising channel, as seen below.

EGLD/USD daily chart

Although the channel is still intact, the uptrend stalled at $46.57, as shown by the 50-day Exponential Moving Average (EMA) (in red). Continued declines seem imminent but will remain at arm's length until the price breaks below the channel, confirming a bear flag pattern.

Elrond price risks sliding 18.10% below the channel's breakout position around $43.62 to $35.88. This target equals half the length of the flagpole extrapolated below the breakout point, as illustrated in the chart.

On the other hand, the position of the Moving Average Convergence Divergence (MACD) indicator (in blue) above the signal line (in red) reveals that buyers could still have the energy to avoid the bear flag pattern's glaring breakout.

Traders looking for long positions should be patient until they see the MACD above the zero line (0.00) and the histogram changing from red to green before triggering their buy orders. The uptrend will likely steady up with Elrond price crossing above the 50-day EMA and the rising channel.

A cross of the MACD below the signal line, on the other hand, would support a more bearish view and provide further evidence that a breakdown out of the channel is likely to occur (or may already be in progress) leading to a continuation of the broader downtrend.