Elrond Price Prediction: EGLD bulls take charge, 30% ascent likely

Elrond price journey from July 20 has been incredibly exponential, with little to no resistance except for its most recent encounter. After a brief period of consolidation, EGLD has managed to trigger a new leg-up.

Elrond price to go parabolic again

Elrond price sliced through the $133.28 support level on August 17. However, this spike in price came after a week of consolidation around it. So far, EGLD has climbed 11% but eyes a retest of the immediate resistance level at $166.52, roughly 9% away from the current position – $152.72.

If the buying pressure supports Elrond price to produce a decisive daily candlestick close above $166.52, it will indicate that the chances of continuing this upswing are higher. In such a case, EGLD could rise to the next ceiling at $196.23.

This climb from $152.72 to $196.23 would represent a 30% ascent. Although Elrond price could proceed higher, a correction might likely ensue here.

EGLD/USDT 1-day chart

On the other hand, if the current upswing fails to breach the $166.52 support level, it will denote a weakness among buyers and a lack of bullish momentum. This development could lead to a retest of the $137.28 demand barrier. If the selling pressure continues to build up, investors can expect EGLD to retest the subsequent foothold at $115.71.

While a new upswing might originate from this support barrier, its breakdown will invalidate the bullish thesis and potentially trigger a further descent to $97.83.