EGLD Technical Analysis: Buyers At $48 Struggle For Another Bounceback

The EGLD price trend drops back to the $48 support zone within the descending triangle teasing a bearish breakout rally to $40. The EGLD price action displays a falling trend under the influence of the 50-day EMA leading to a descending triangle. The recent bear cycle takes support at the triangle’s base at the $48 support zone. But, will the buyers manage to propel the prices higher back to the resistance trendline? Key Points: The Elrond prices struggle to sustain above the $48 zone. The increased selling pressure warns of a triangle fallout. The intraday trading volume in Elrond is $40 million. Source – TradingView EGLD Technical Analysis The EGLD price displays a bullish failure to exceed the $67 resistance level leading to a 26% drop to the $48 support zone. However, the buyers were successful in pushing back the prices higher above the 50-day EMA but failed to give a bullish breakout. The price action displays a descending triangle pattern due to multiple failures to exceed the 50-day EMA, leading to a resistance trendline. Currently, the prices struggle to restart the bull cycle due to the increased selling pressure evident by the spike in trading volume. If the bearish momentum increases, the EGLD prices will give the bearish breakout of the descending triangle. The sideline traders can expect the fallout rally to reach the $40 support level, accounting for a 15% drop. However, a bullish reversal in Elrond prices from ...