- 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.
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