Elrond Broke out Of Bearish Trend – Technical Analysis

Share This Post

Elrond has been in uptrend since march 8th due to Romania News which reported here.

Elrond is rising in the opposite direction of the market, it has gained momentum since March 8. Since then, the upswing has gathered momentum, which has helped to boost EGLD higher.

Elrond has recently broken out of its downtrend and is consolidating above the $130 mark, according to market analysts.

It has also witnessed a recent gain of 17.23 percent, with strong signals across all price indices supporting this move.

However, considering the altcoin’s high connection with Bitcoin (0.91), whether or not it can be sustained is a different discussion altogether.

Bitcoin, on the other hand, is moving in the inverse direction of the market. The king coin has been stabilizing below $40k, and with price indicators showing a more gloomy outlook, it appears doubtful that it will be breached any time in the foreseeable future.

Therefore, if the price of bitcoin decreases, it is possible that the price of Elrond will fall as well.