EGLD Technical Analysis: Price Has Tested and Fallen Below the Fibonacci Pivot Point of $103.465

Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking, and rewarding validators. Let us see how the technical analysis is moving for it.

Past Performance

On July 3, 2021, EGLD started trading at $80.312. As of June 4, 2021, the closing price of EGLD was $91.510. Thus, in the past week, the EGLD price has increased by 28.84%. In the last 24 hours, EGLD has traded between $103.940 – $103.840.

https://www.tradingview.com/x/9tMKaw36/

Day Ahead And Tomorrow

Currently, EGLD is trading at $103.731. The price has slightly reduced from the opening of $103.754. As price moved to a high and the price touched its peak at $107.540 a few hours back, fell downward and traded around $97.320.

The MACD and signal lines are near zero – a bearish crossover by the MACD line over the signal line has occurred. Thus, it looks like the EGLD price analysis is on the lower side.

The RSI indicator is at 59%. It has actually risen from the 71% mark. Thus, it indicates that the buying activity is getting activated in the market. Hence, we can expect the price to rise for some time.

The price has tested and fallen below the Fibonacci pivot point of $103.465. As some of the oscillators have shown bearish signals, we can expect the price to fall and test the first Fibonacci pivot support level of $107.697 soon.

EGLD Technical Analysis

The price has been tested and is currently trading above the 38.2% FIB retracement level of $99.423. If the price goes above the 23.6% FIB extension level of $104.959 in some time, this implies that the price uptrend is strong. In that case, the price upswing is likely to continue for a few hours.

However, if the price tests and rises above the 38.2% FIB retracement level of $104.702. It can test the 50% FIB retracement level of $105.916.