Elrond (EGLD) He was sliding to the bottom of the cryptocurrency selection order. Price pressure lowered the market cap. Although Elrond (EGLD) Still above 50, the currency may fall soon if the current downtrend continues. We think the downward pressure isn’t over yet, but first, some highlights here below:
After hitting an all-time high of $560 last year, Elrond (EGLD) is down more than 60%.
Although we saw some recovery towards the end of 2021, the general trend of the currency has been bearish.
A look at technical indicators shows that this pressure is not about to end anytime soon.
Data source: Tradingview.com
Elrond (EGLD) – Price Forecasting and Analysis
At the time of writing, Elrond (EGLD) is trading at $214.74. The coin is up about 5% for the day, but is still down about 13% over the past seven days. Although EGLD managed to sustain gains above the psychologically important $200 mark, it is still trading below the 25 and 50 day moving averages.
We also noticed that the price is below the 61.8% Fibonacci retracement. With that in mind, the downtrend appears to be in effect. Unless the coin is able to rise and break above $245, price action is likely to remain in the red in the near term.
Should You Buy Elrond (EGLD)
Well, now is probably not the best time to buy Elrond (EGLD). But don’t take this the wrong way. This is a very good coin with the potential to offer real value to investors in the long run.
But since we expect the price to remain bearish, it is better to wait for a further drop and get a better discount. Elrond (EGLD) is also ready for short-term play, especially for people who want to bet on the improved crypto market sentiment.