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Elrond (EGLD) – Daily chart
EGLD was listed on the Binance Exchange in September 2020 at around $19. The price dropped to below $7 for a few months after the listing, and only really started to move at the beginning of 2021. The price steadily moved up in 2021, hitting an all-time high of $544 in November of the same year. Since then, the price has retraced with the rest of the market, eventually finding major support at $130, in January 2022. The $130 support has held over the last seven weeks, with buyers stepping at that support level, every time the price dropped. The price is currently trading at $150, but what is interesting is that the price is getting very close to the daily descending resistance line which comes from November 2021. The question is: Will we once again get rejected at the resistance line, or will there be a breakout to the upside?
A breakout and retest of the resistance trend line will thus provide an opportunity to enter a trade. Levels of resistance and take-profit areas to the upside sit at $230, $300 and the 0.618 Fibonacci retracement is around $380. EGLD tends to move very quickly, so a confirmed breakout and retest could deliver some good profits over a very short period of time.