Elrond (EGLD), like many other cryptocurrencies, has seen steady growth throughout the week. Following a two-month resistance trendline breach, the coin appears to be preparing for a major bull run.

But how far can it rise and whether or not the uptrend will last are open questions? Here are some key points:

  • Altcoins, in general, have been on the rise lately as Bitcoin’s dominance over the market continues to decline.
  • This bodes well for Elrond, which is an up-and-coming altcoin.
  • EGLD has been able to overcome the resistance of $56.30 and turn it into support.
  • For the most of 3 months, the currency has been unable to break above this price.
  • EGLD may have a good chance of increasing in price.
Data Source: Tradingview

Can EGLD go any higher?

EGLD is presently trading at $64.88, according to CoinMarketCap. EGLD appears to be getting ready to rise to $75. This would represent a 25% boost from the current price.

If it can break through $56.83, that would be very good news for the coin. The price is trapped between EGLD’s 20-day EMA and long-term resistance.

At the time of this writing, EGLD was trading at roughly $64. This indicates that EGLD has broken through a long-term support trendline while also outperforming its 20-day EMA.

These are extremely genuine bullish indicators, which should provide an investor with optimism. 

However, there are some limits to how high the value of Bitcoin can go. For now, the value is likely to go up by 25%. But it is hard to say how much further it can go. The cryptocurrency market is just starting to recover from last week’s sell-off.

If you want to invest in the short-term, EGLD could still be of assistance. The coin is now in an ascending triangle pattern and appears set to break out soon.

In the near term, a breakout could see the currency rise as high as $70 or more. So, if you’re feeling optimistic about the cryptocurrency market, purchasing ELGD is the right decision.

How to trade this setup

The EGLD chart has a few attractive setups. However, only a short-term play is logical. To see whether the price consolidates above $56.4 over the next day or two. 

Then, when the stock reaches $75 or thereabout, sell it. Long-term investors may still find this a good time to invest. Because we have seen significant drops over the previous six months.

Elrond is a cryptocurrency that looks like it is ready to have a bull run in the next few weeks. The coin has been trading steadily and has been in an ascending triangle pattern.

This means that the coin could break out soon and surge in price. If you are feeling bullish on the crypto markets, buying into Elrond right is a smart move.

EGLD offers a good bullish setup. But it would only be a short-term play. So, give it a day or two to materialize. If you’re planning to buy and hold, your targets should be $100 and $200 in the next 12 months.

The EGLD coin is an altcoin that appears poised for a bull run in the weeks ahead. The currency has been trading steadily in an ascending triangle pattern, and it appears to be on the verge of breaking out.

In the near term, a breakout might see the cryptocurrency rise to $70 or more. So if you want to tap into the bull market, buying EGLG is a good decision.

Investing in cryptocurrencies is risky, so always do your research before investing. Altcoins also are risky investments, so always do your finding before committing your hard-earned money.

James Atkins

I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.