After breaking the important resistance level Elrond (EGLD) ready to continue the rally. Further pressure from buyers could push the EGLD to a new all-time high at $440
After that, how the EGLD managed to break its previous record high of around $303, the asset has entered the rate determination mode. Elrond experienced a long period of consolidation, Started 8 September. The asset managed to make a series of higher lows, but the resistance zone is about $303 prevented EGLD from continuing to grow. This exchange rate movement led to the formation of an ascending triangle.
The recent surge in buying pressure allowed EGLD to rise by almost 20%, which allowed the asset to overcome the previous important resistance level and set a new all-time high just above $321. The bullish momentum confirmed the breakout of the consolidation pattern and now the EGLD rate may rise another 35% to $440.
It is important for EGLD to stay above the exchange rate range $296 – $303 and then the ascending triangle will remain the defining pattern. Failure to stay above this critical demand barrier can lead to significant exchange rate losses. Violation of basic support can lead to a correction to the level $264. A surge in selling pressure around this level could potentially have an even more negative impact., since the next important area of support is near $212.
