Elrond Price Prediction: EGLD has room to expand up to $200

Elrond price has been on an exponential rally over the past week and shows that it has room to expand. However, this could resolve two ways: a breach of the immediate resistance leading to a move higher or retracement that propels EGLD but at a delayed schedule.

Elrond price eyes higher high

Elrond’s price climbed 44% from August 27 to September 1 and is showing signs of continuing this uptrend. However, the resistance barrier at $193.26 will confirm or deny if EGLD will climb or retrace.

A decisive daily close above $193.26 will indicate that the buyers are willing to purchase Elrond at the current price. Such a development will push EGLD to $213.78, roughly a 20% upswing from the current position. In some cases, the uptrend could shatter $213.78 and head straight to $237.34, a 32% advance.

The scenario mentioned above is dependent on the breach of $193.26, but failing to do so will result in a minor retracement to $156.21. As long as EGLD bulls hold above $156.21, there is a high chance Elrond price will continue to slice through barriers until it tags $213.78 or even head to $237.34.

EGLD/USDT 1-day chart

While things seem to be holding up well for Elrond price, a breakdown of the $156.21 support level will indicate that the buyers are falling short and the sellers are taking control. However, a decisive daily close below $133.09 will invalidate the bullish thesis.

In some cases, this could trigger a further downswing that will push EGLD down to $118.76.