EGLD Technical Analysis: Elrond Prices Turns Bullish At $50

EGLD prices action shows a bullish turnaround from the psychological mark of $50 with a potential morning star pattern formation. Key technical points: The EGLD market price has increased by 4.45% over the past 24 hours. The price action warns of a long wick candle formation due to the rejection at the 50-day SMA. The 24-hour trading volume of Elrond is $53.59 Million, indicating a rise of 3.41%. Past Performance of EGLD EGLD price action shows a bullish reversal from the $41 mark resulting in a resistance trendline breakout to reach $64. However, the bears retake trend control with excessive selling pressure resulting in a drop to $50. The retracement rally struggles to crack under the psychological mark again as the buyers prepared for a morning star pattern after the Doji formation yesterday. A morning star forms following a downward trend, indicating the start of an upward climb. The pattern consists of three candles, the first being a highly bearish candle, the second a Doji or a small-bodied candle, and finally followed by a bullish candle. Source- Tradingview EGLD Technical Analysis The EGLD daily candles showcase lower price rejection with tail formation over the past two days teasing an incremental growth in buying pressure. Hence, traders can expect the price to sustain above $50 this week. The MACD and the signal lines struggle to keep a bullish trend as they approach the zero line, as the shrinking spread suggests ...