07 December 2022 : In this article we will walk you through Elrond price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Elrond, Is EGLD a good investment? Elrond support & resistance levels etc. But before diving deep into the EGLD technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $840,518,462,168. The total trading volume stands at $38,753,360,477. Bitcoin shares 38.55 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $16,850.24 level after a decline of -0.86%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -2.01 percent reaching to $1,229.71 during the previous 24 hours.
While publishing this blog, BNB traded at $283.98, following a price change of -1.73%within the same time frame. XRP the native coin of XRP is down by -1.82 and currently trading at $0.38. Additionally, Dogecoin reached $0.096 after seeing a decline of -3.87% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Elrond (EGLD)
|EGLD Resistance Levels||EGLD Support Levels|
|Resistance Level 1||$58.08||Support Level 1||$52.58|
|Resistance Level 2||$60.63||Support Level 2||$49.63|
|Resistance Level 3||$63.58||Support Level 3||$47.08|
The current Elrond price is $46.38, with a trading volume of $98,712,284.00 in the past 24-hours. Currently, EGLD is down by -11.17% since yesterday with a market capitalization of $1,097,641,204.00 USD.
EGLD price analysis for 07 December 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Elrond.
|Simple Moving Average (10)||55.68||Sell|
|Exponential Moving Average (10)||55.99||Sell|
|Simple Moving Average (20)||53.72||Sell|
|Exponential Moving Average (20)||54.07||Sell|
|Simple Moving Average (50)||51.44||Sell|
|Exponential Moving Average (50)||51.67||Sell|
RSI implying near overbought phase while trading at 56 and is trying to break out of the neutrality zone. The EGLD/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. The Elrond has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take EGLD price below the crucial support level of $52.58. While EGLD’s Williams %R indicator is at -5.818 for the 14-day time period indicating a overbought condition and short term trend price correction is possible.
As of now, Elrond is not doing well and is trading in reddish zone. In order to invest in the digital currency, crypto investors want to see the EGLD move into the positive zone. In 2022 and beyond, the Elrond price has a significant likelihood of rising. It's important that you do your own research before making a decision on whether or not this is a smart investment for you.