Lorenzo Stroe
Independent Analyst
- ERD/USD is up 20% in the last 24 hours again.
- FOMO continues pushing ERD to new all-time highs with very little selling pressure.
Elrond is clearly the best performing coin in the market jumping from a decent $8 million market capitalization to $140 million in three months. It is now ranked 60th by market cap and seeing a massive increase in trading volume.
ERD/USD daily chart
Elrond is clearly overextended but the FOMO (Fear of Missing Out) is outweighing the technical analysis. At this point, ERD could easily continue climbing even though the daily RSI has been overbought for months. It’s hard to pinpoint when ERD will see a significant pullback, but it will happen.
ERD/USD 4-hour chart
The 4-hour chart is quite healthy with significant breakouts followed by periods of consolidation and continuation. This is one of the main reasons that ERD keeps climbing. A pullback seems to be on the way with bulls looking at $0.009, the 12-EMA for support.
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