Elrond Price Prediction: EGLD eyes $420 to set up new all-time highs

Elrond price broke out of an ascending triangle pattern on November 3 and is currently hovering above it.
A retest of the triangle’s base at $302 could kick-start a 38% surge to $420.
A breakdown of the $269 support floor will invalidate the bullish thesis.

Elrond price looks ready for a move higher as it hovers above a crucial barrier. The bullish pattern EGLD breached forecasts that a new all-time high is around the corner. In some cases, provided sufficient buying pressure, the altcoin might exceed expectations.

Elrond price ready for higher highs

Elrond price set up two equal highs at $302 and four distinctive higher lows since September 14. Connecting these swing points using trend lines results in the formation of an ascending triangle.

This technical formation forecasts a 38% upswing to $420, obtained by adding the distance between the first swing high and swing low to the breakout point.

Elrond price pierced the triangle’s base at $302 on November 3 and rallied 20%. However, the recent market crash pushed it right back to retest the $302 support floor.

As long as Elrond price stays above this barrier, the uptrend to set up a new all-time high at $420 is intact. In some cases, however, EGLD might extend this move and retest the 161.8% trend-based Fibonacci extension level at $447.

EGLD/USDT 12-hour chart

Regardless of the bullish outlook, a breakdown of the $302 support floor will suggest that the holders are booking profit. If this excessive selling pressure pushes Elrond price to produce a daily close below $269, it will invalidate the bullish thesis.

In this situation, Elrond price could tumble lower to the $222 barrier and collect the sell-stop liquidity resting below it.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram