Elrond Technical Analysis: ERD/USD has a 4-hour breakout towards $0.025

ERD/USD has been consolidating for the past week after a massive bull rally.
ERD saw an explosive 11% breakout after a 4-hour equilibrium pattern.

Lorenzo Stroe Independent Analyst

Elrond is the best performing altcoin of 2020 after gaining more than 5,000% in just five months. Elrond managed to reach a $350 million market capitalization and climbed into the top 40 according to CoinMarketCap.

ERD/USD 4-hour chart

The 4-hour chart has been the most important time frame for ERD in the past week. Bulls have been trying to climb above the 26-EMA for the entire week, forming a clear equilibrium pattern with higher lows and lower highs.

The last lower high before the breakout was established at $0.0213 and the higher low at $0.02. Unfortunately for the bears, the $0.02 level did break but had no continuation.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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