- Elrond price is stuck in limbo between the $166.52 and $137.28 barriers.
- A decisive close above $166.52 will confirm the start of an uptrend.
- If EGLD breaks below the $123.65 support level, it will invalidate the bullish thesis.
Elrond price is currently bouncing off a critical demand barrier, hoping for an uptrend. However, there might be a retest of the said support floor before an uptrend originates.
Elrond price consolidates before a breakout
Elrond price has been on a slow uptrend over the past two weeks. This steady move has kept EGLD close to the demand barrier at $137.28. Considering the short-term bearish outlook on the big crypto, investors can expect Elrond price to retrace once more to the foothold at $137.28 as it heads higher.
The uptrend will face serious hindrance around $166.52, but a decisive 12-hour candlestick close above this point will confirm an uptrend’s start. This move will also put a $196.23 ceiling at a reaching distance for the bulls.
Assuming the bullish momentum continues, Elrond price will likely continue to rally toward $196.23, roughly a 30% advance from its current position – $151.35. In a highly bullish case, the buyers might stay put until $220.11 before booking profits.
EGLD/USDT 12-hour chart
While things seem to be heading in favor of the bulls, a breakdown of the $137.23 support level will invalidate the bull thesis and indicate weakness among buyers, opening the path for further downswings.
However, if Elrond price sets up a lower low below $123.65, it will invalidate the bullish thesis and shift the trend to favor the bears.
Such a move might trigger a sell-off to $115.71 or $97.83 in a highly bearish case.
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.
Recommended Content
Editors’ Picks
Bitcoin consolidates ahead of MicroStrategy Q1 earnings, strategic Bitcoin reserve deadline
Bitcoin price is extending its consolidation streak, trading around $95,000 on Wednesday, as traders await a decisive breakout. MicroStrategy’s Q1 earnings release and the approaching deadline for the Strategic Bitcoin Reserve have the potential to move BTC price.
Chainlink price offers mixed signals as supply outside of exchanges soars but network activity declines
Chainlink's supply outside exchanges has surged to 803.38 million from 778.87 million in under two months. LINK network activity declines, with new and active addresses falling from a recent peak.
Ripple Price Prediction: XRP price uptrend toward $3 looks steady
Ripple (XRP) price hovers at $2.24 at the time of writing on Wednesday as bulls try to prevent the pullback from its April peak of $2.36 from extending further. If XRP holds above the immediate support at $2.21, a reversal could soon ensue.
THORChain announces integration of XRP stagenet ahead of the mainnet network launch
THORChain announced on Tuesday that its stagenet development of its Ripple (XRP) integration is nearing the final step, with mainnet activation imminent. This integration enhances THORChain’s economic model by increasing swap activity and protocol fees.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.