Elrond Price Analysis: EGLD Coin Has Reached A Crucial Support After Displaying V Top Bearish Reversal

On november 23th, the EGLD coin made a new All-Time High of $542. After experiencing intense selling pressure from this level, the coin price started dropping at greater which plunged it to the $300 support. The technical chart shows a clear V-top reversal pattern for coin; however the battle to reclaims the $300 mark is still continuing.

Key technical points:

• The EGLD coin daily RSI chart shows a significant drop in its value
• The dynamic support 50-day is flipped to a strong resistance now
• The intraday trading volume in the EGLD coin is $301.7 Million, indicating a 51.28% loss.

Source- EGLD/USD chart by Tradingview

The last time when we covered an article on EGLD/USD, the coin price breached a significant resistance level of $300. After taking its sweet time to sustain above this level the coin initiated a significant rally, which made a new All time of $542 mark.

Later, the coin faced strong rejection from this new resistance and begin a bearish reversal that dropped the price 44% to same support level of $300.

The coin price is still trading above trend defining 100 and 200 EMA, indicating a bullish signment for them. Moreover, the 50 EMA line that was previously providing strong support to the price, is reversed to serve as resistance, dusting the race                                                                                                  

The Relative Strength Index(46) showed a striking drop in its value moving below the neutral one

EGLD/USD 4-hour Time Frame Chart

Source- EGLD/USD chart by Tradingview

On December 4 the crypto was hit by a sudden sell-off that shattered important support levels for many crypto currencies. But, unlike the other crypto coins EGLD price was able to hold above the $300 mark, displaying a long wick candle. As for today, the sellers are still fighting to this bottom level.

According to traditional pivot levels, the crypto traders can expect the nearest resistance at the $353, followed by $448. As for the opposite end, the support levels are $292 and $200.

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