Lorenzo Stroe
Independent Analyst
- Elrond price is contained inside a parallel channel on the 4-hour chart.
- The cryptocurrency market has experienced a significant rebound in the past 24 hours.
- The digital asset faces only one critical resistance level before a 30% breakout.
The cryptocurrency market had a significant recovery in the past 24 hours gaining $150 billion in market capitalization. Elrond price climbed from a low of $120 up to a current price of $138 and aims for more in the short-term.
Only this key level separates Elrond price from hitting $200 again
On the 4-hour chart, Elrond has established a parallel channel that favors the bulls as they have confirmed an uptrend. The key resistance trendline is established at $150 but EGLD also needs to see a candlestick close above the 100-SMA at $137.
EGLD/USD 4-hour chart
A breakout above the critical resistance point of $150 should push Elrond price towards $170 initially, but up to $200 in the longer-term as there isn’t a lot of resistance to the upside.
On the other hand, a candlestick close below the 100-SMA would be a bearish sign in the short-term which could drive Elrond price down to the middle of the channel at $126, coinciding with the 50-SMA. Losing this support level would push EGLD down to $100.
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