- Elrond price embarked on a 44% rally on August 27 and showed no signs of slowing.
- A decisive daily close above $193.2 could propel EGLD to $213.78
- However, a breakdown of the $133.09 level will invalidate the bullish thesis.
Elrond price has been on an exponential rally over the past week and shows that it has room to expand. However, this could resolve two ways: a breach of the immediate resistance leading to a move higher or retracement that propels EGLD but at a delayed schedule.
Elrond price eyes higher high
Elrond’s price climbed 44% from August 27 to September 1 and is showing signs of continuing this uptrend. However, the resistance barrier at $193.26 will confirm or deny if EGLD will climb or retrace.
A decisive daily close above $193.26 will indicate that the buyers are willing to purchase Elrond at the current price. Such a development will push EGLD to $213.78, roughly a 20% upswing from the current position. In some cases, the uptrend could shatter $213.78 and head straight to $237.34, a 32% advance.
The scenario mentioned above is dependent on the breach of $193.26, but failing to do so will result in a minor retracement to $156.21. As long as EGLD bulls hold above $156.21, there is a high chance Elrond price will continue to slice through barriers until it tags $213.78 or even head to $237.34.
EGLD/USDT 1-day chart
While things seem to be holding up well for Elrond price, a breakdown of the $156.21 support level will indicate that the buyers are falling short and the sellers are taking control. However, a decisive daily close below $133.09 will invalidate the bullish thesis.
In some cases, this could trigger a further downswing that will push EGLD down to $118.76.
