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.
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.