- Elrond price kick-started an exponential rally that could extend 30%.
- A breach of the $166.52 is the first checkpoint and confirms the second leg-up to $196.23.
- If EGLD breaks below the $115.71 support barrier, it will invalidate the bullish thesis.
Elrond price journey from July 20 has been incredibly exponential, with little to no resistance except for its most recent encounter. After a brief period of consolidation, EGLD has managed to trigger a new leg-up.
Elrond price to go parabolic again
Elrond price sliced through the $133.28 support level on August 17. However, this spike in price came after a week of consolidation around it. So far, EGLD has climbed 11% but eyes at a retest of the immediate resistance level at $166.52, roughly 9% away from the current position, $152.72.
If the buying pressure supports Elrong price to produce a decisive daily candlestick close above $166.52, it will indicate that the chances of continuing this upswing are higher. In such a case, EGLD could rise to the next ceiling at $196.23.
This climb from $152.72 to $196.23 would represent a 30% ascent. Although Elrond price could proceed higher, a correction might likely ensue here.
EGLD/USDT 1-day chart
On the other hand, if the current upswing fails to breach the $166.52 support level, it will denote a weakness among buyers and a lack of bullish momentum. This development could lead to a retest of the $137.28 demand barrier. If the selling pressure continues to build up, investors can expect EGLD to retest the subsequent foothold at $115.71.
While a new upswing might originate from this support barrier, its breakdown will invalidate the bullish thesis and potentially trigger a further descent to $97.83.
