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.
ERD/USDT daily chart
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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.
Last week in $ERD
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Author
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.
