Elrond (EGLD) Price Prediction: High chance for a deeper pullback 

Elrond (EGLD) Price Prediction High chance for a deeper pullback 

In Short

  • EGLD price is flailing sharply after establishing a 5-wave impulse. 
  • The Relative Strength Index tests the final level of support on higher time frames.
  • A breach below $45 will invalidate the bullish potential.

Elrond’s EGLD price declines fast after printing three sets of impulse waves. Key levels have been defined to determine if EGLD will present a profitable opportunity. 

EGLD price headed to $50 

Elrond price has shown applaudable strength during the month of October. While most cryptocurrencies have fallen in line with Bitcoin’s downward trajectory, EGLD’s price has diverged. The highly scalable blockchain token rose by 27% in October, establishing three sets of Elliott five-wave impulses in the process.

EGLD price currently auctions at $54.02. The bullish strength has met its match as a truncated fifth wave has led to a sharp decline. The Relative Strength Index is being tested at its final support for a correction on the 8-hour chart. The 8-day and 21-day simple moving averages have been breached during the current downwards move.

EGLD USDT 8-Hour Chart
EGLD USDT 8-Hour Chart

Combining these ingredients, the EGLD price needs to turn ASAP or it will likely fall to $50 in the coming days

The invalidation of the bearish thesis is above the recent swing high at $58. If the bulls can retag this level bears this level, an additional impulse wave toward $75 could unfold. Such a move would result in a 38% increase from the current Elrond price. 

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.