Elrond Price Forecast: EGLD eyes a 45% upswing as it nears the end of consolidation

Elrond price entered a massive consolidation pattern after a 45% drop. Now, EGLD is eerily close to a breakout point, suggesting a bullish breakout shortly.

Elrond price looks optimistic

Elrond price has been forming higher lows due to aggressive buyers. However, sellers seem to be present around the $159 level, which has resulted in a horizontal resistance. By joining these swing lows and the flat supply barrier using trendlines, an ascending triangle pattern seems to form.

As buyers continue pushing the price higher, sellers get weaker, eventually leading to an upward breakout equal to the distance between the pivot high and pivot low. For EGLD, the ascending triangle pattern forecasts a 44% upswing from the breakout point at $159.

Now, EGLD has moved closer to the triangle’s apex, where it’s getting squeezed between the horizontal and inclined trendline. Hence, a volatile breach of the triangle resulting in a decisive close above $159 can be expected.

Supporting this bullish outlook is the Elrond price’s move above the 50, 100, and the 200 moving averages (MA). Additionally, the bulls seem to have prevented 50 MA from sliding under the 200 MA, which would have been extremely bearish. As a result, these moving averages could be a strong foothold that helps catapult the asset’s bull rally.

EGLD/USDT 4-hour

Regardless of the moving averages’ presence, a spike in selling pressure could push Elrond price to slice through 50 and the 200 MA. In such a case, investors can expect EGLD to pullback to the 100 MA at $134 or the demand barrier at $127.