https://ift.tt/3fhkHo5 price analysis: EGLD price recovers to $204, gaining 7.4 percent overnight

TL;DR Breakdown

• Elrond price analysis is bullish today.
• Resistance for EGLD is present at $212.
• Support is present at $198.

The Elrond price analysis is bullish for today as the bulls have covered an upwards range. Today’s bullish momentum is healthy as EGLD has gained significant value overnight. Overall the price trend line is still downwards, but bulls have been maintaining the price level above $190 and have covered a range upwards of $204 today. Breaking the price above the $200 psychological mark is in itself quite an accomplishment for EGLD bulls in current bearish markets.

EGLD/USD 1-day price chart: EGLD recovers to $204

The 1-day price chart for Elrond price analysis shows a significant gain in price, as the cryptocurrency is trading hands at $204 at the time of writing. Overall the Elrond has gained a value of more than seven percent over the last 24 hours, but on the other hand, it reports a loss of more than 13 percent in price value over the course of the last seven days. The trading volume has increased by 30.98 percent in the last 24 hours, and the market cap also shows an improvement of 7.44 percent.

The volatility is again increasing after decreasing till 5th January when the Bollinger bands converged sharply but soon started diverging as price levels started to decrease steeply. Currently, EGLD/USD price is trading above the lower band, which is present at $182, representing support for Elrond price.

The relative strength index shows some promising results for EGLD/USD as it is on a steep upwards curve at index 37, but as the indicator still trades in the lower half of the neutral zone, and the score is not so high. The RSI suggests increasing buying activity in the market while the price function still is under bearish pressure.

Elrond price analysis: Recent developments and further technical indications

The 4-hour Elrond price analysis shows selling pressure is affected the price oscillation, late-night near $193 position, but after some time bulls sat on the driving seat again and the price is covering range upwards since then. The price may continue upside for some time more before facing resistance at $205.

The volatility is mild on the 4-hour chart, and the price has moved near the upper Bollinger band, as can be seen on the chart, which represents resistance at $205. Now the mean average of the Bollinger bands at $194 represents the support for EGLD/USD. The RSI is trading on an upwards curve at index 55, indicating the buying activity which has been continuously going on for the last 12 hours.

Elrond price analysis: Conclusion

The Elrond price analysis suggests Elrond is highly bullish at this point in time. However, selling pressure is expected at $205 as the price has already reached the $204 level, but bulls may overcome this resistance if Elrond gets enough support from traders.

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