Elrond Technical Analysis: ERD/USD massive rejection from $0.03 could indicate a shift in momentum
- ERD/USD has been going up non-stop, however, a recent rejection at $0.03 could change things.
- Elrond is down 23% from its peak in just a few hours.
Unsurprisingly, ERD is finally down after a massive 5,100% bull rally. However, the current candlestick is still green even after the significant rejection at $0.03. Of course, the daily RSI remains overextended
ERD/USD daily chart
Clearly, ERD is creating a bearish reversal candlestick but the day is not over and bulls can still push the digital asset back up. The trading volume is already extremely high and close to an all-time high and, of course, there are no resistance levels to the upside.
The RSI remains overextended and the MACD turned bullish again after a brief pause. The daily 12-EMA is located at $0.017 and will serve as a strong support level in case ERD breaks $0.20.
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.
