Hodl, dear members of LeoFinance!
Today, I want to show you something interesting about the price chart of Elrond.
In the monthly chart (MN), EGLD/USD is trying to form a Bearish Engulfing for the current month:
Till the end of the month, there are 2 more days. So, the chart may change. But, if the price chart confirms the Bearish Engulfing for December then a potentially bearish signal will occur. Some traders may even view this technical formation as a potential trend reversal signal.
Moreover, in the daily chart (1D), EGLD/USD has just posted a Bearish Moving Average Crossover - the 30-day Moving Average (MA 30) has dropped below the 90-day Moving Average (MA 90):
So, this is a clear signal that in the short term the bearish pressure continues. Also, the price is below MA 30 and MA 90. That's why if the bears continue to put pressure on the price the next solid support is MA 360. It is currently at the level of $169,88.
With these bearish signals on the price chart of EGLD/USD, I prefer to stay away until the situation improves.
To be continued ...
As of the time of writing, one EGLD costs $241,76 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years and as a cryptocurrency analyst for the last 4 and a half years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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