Elrond Egold (EGLD), one of the altcoins that started fastly on the December, attracted attention with rise of over 50 percent in a week. In our December 11th altcoin analysis, we evaluated the latest state of EGLD / USDT.
The EGLD climb to $ 14.68 after spending October and November in the average band of $ 7 – 8.7. After this average 66 percent gain in value, it is seen that the upward trend continues in altcoin, which has limited corrections.
When the last peak of $ 14.68 was measured from the level of about $ 8.8, where the horizontal movement broke, the EGLD price, which fell at the beginning of the week, found buyers at Fib 0.382 ($ 12). After interpreting this decrease as being limited, we saw a new rise towards the peak level in the middle of the week. However, according to the recent price movements, it seems that there is a resistance at $ 14.65.
Daily EGLD/USDT Chart
Looking at today’s transactions, EGLD has entered a new correction period and has supported the price of $ 13 so far. This level stands as a firm support as it is defended by the Fib 0.236 and the 8-day EMA. However, an hourly closing candle below $ 13 may cause the altcoin to drop to $ 12.
$ 12 is a much more critical support point. Although this level coincides with an important decision value like Fib 0.382, EGLD / USDT provides a double top formation in the daily view. In the double top formation, a decrease in the length from the neckline to the peak price is expected. The operation of this pattern, that is, hourly closings below $ 12, corresponds to a 20 percent decline, in which case we can see that EGLD may drop to $ 9.82, the Fib 0.786 value on the daily chart.
However, if this price can stay in the $ 13 band, EGLD can test the 14.65 peak again and enter the $ 14.65 – $ 15 resistance area. In case of breaking the $ 15 resistance, we can see that the EGLD, which does not have a serious obstacle, can rise up to $ 17.6.
On the daily EGLD / USDT chart, we can say that the stochastic RSI continues in the middle zone, and if the price remains above the 13 -13.3 area today, it may generate a bullish signal. As can be seen on the chart, the stoch RSI turned its direction up at the same levels at the beginning of December and then an increase of 60 percent came.