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Elrond Technical Analysis: ERD/USDT jumps up by 34% over the last two days

  • ERD/USDT has gone up from 0.006082 to 0.008155 over the last two days.
  • The RSI indicator is inside the overbought zone, which shows that ERD/USDT is currently overvalued.
Elrond Technical Analysis: ERD/USDT jumps up by 34% over the last two days
Rajarshi MitraRajarshi MitraIndependent Analyst

ERD/USDT daily chart

ERD/USD daily chart

ERD/USDT bulls have taken full charge of the market as the price has risen from 0.006082 to 0.008155 over the last two days. That’s a staggering 34% rise in overall valuation. ERD/USD is extremely close to its all-time high level of $0.00888163. 

The price currently has healthy support at 0.006405, 0.0006082 and 0.005662. The RSI indicator is trending inside the overbought zone, which shows that the price is currently overvalued. As such, a short-term bearish correction could be expected.

It looks like the bulls are in an accumulation phase before its July 30th mainnet launch.


 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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