Elrond (EGLD) Will Rally To $80, But this Must First Happen

• EGLD’s price shows a spark of strength as the price bounced off from $45 with good volume. 
• EGLD continues in a range-bound movement as the price aims to breakout ahead of a rally to $80. 
• The price of EGLD continues to trade above the 50 Exponential Moving Average (EMA) as the price creeps in on the daily timeframe.

Despite market uncertainties that have affected the prices of many altcoins in recent weeks, the price of Elrond (EGLD) has remained strong. Elrond (EGLD) has held firm, defending its support as the price remains in a range, with a possible breakout as the price targets $80. The price of Bitcoin (BTC) rose from its low of $19,100 to $19,600 as it attempted to break through to $20,000. A successful breakout will result in relief bounces for the majority of the market’s crypto assets. (Data from Binance)

Despite experiencing some great price movement in recent weeks due to so many partnerships and great projects built on the Elrond network, EGLD has attracted the attention of traders and investors with its unique use case as many look for opportunities to buy.

The bear market has had a fair share of the price of EGLD, as the price of EGLD dropped from a high of $500 to a weekly low of $40, where the price was able to form good support to hold sell-offs due to panic.

The price of EGLD, after forming good support, price rallied to a high of $68, and the price was rejected to $45 despite showing great strength to break and close above this resistance. The rejection of EGLD from this region has led to the price range to build more buyers other than a break out of this range. 

Weekly resistance for the price of EGLD – $70-$80.

Weekly support for the price of EGLD – $45.

In the daily timeframe, the price of EGLD continues to trade below its key resistance at $65; despite bouncing off from its daily low, the price of EGLD faces a test to breakout above $65.

If the price of EGLD breaks and holds above $65, we could see the price of EGLD rally with a good volume to as high as $80, but if the price of EGLD fails to breakout price could be rejected back into its range of $45-$65.

On the daily timeframe, the Relative Strength Index (RSI) for EGLD looks good after rallying from an oversold region, indicating good buy volume for EGLD.

Daily resistance for the EGLD price – $65.

Daily support for the EGLD price – $45.