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Predict EGLD Market Trends: Uncover Critical Market Insights Now!
Welcome back to another edition of The Crypto City Trading Newsletter, your go-to source for in-depth technical analysis and expert insights into the dynamic world of cryptocurrency trading. Today we are focusing on the Daily chart of EGLD.
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Total EGLD Market Cap:Â Â Â Â Â Â Â Â Â Â $869,268,573
Circulating Supply:Â Â Â Â Â Â Â Â Â Â Â Â Â 27,247,781 EGLD
Total Supply:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 27,252,933 EGLD
Max Supply:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 31,415,926 EGLD
Overview
This technical analysis provides an in-depth look at the EGLD. The analysis focuses on identifying key support and resistance levels, recent price movements, and possible future scenarios. By analyzing these factors, traders will gain insight into the current market condition and make better trading decisions.
EGLD is currently trading under the trend line (Red) and the resistance zone (Green). After the rejection from the trend line and resistance zone (Green) we saw a pullback in the price. Now the price is on a support level of $31.77.
If the price fails to hold the support level at $31.77 we might see the price to the next strong support zone (Yellow). However, there is a chance that the price could not break through from this level and we could see a bounce to the trend line and the resistance zone (Green).
If the EGLD price breaks above the resistance zone (Green) and the trend line (Red), it could rise to the next resistance zone (Pink). If it moves above this zone it might reach the higher resistance zones.
We are now moving toward the chart
Daily ChartÂ
Key Zones and Levels
Resistance Zone (Blue) $63.60 – $78.00
This zone is the highest resistance zone marked on the chart. Historically this zone acted as a strong zone many times when the price reached this zone we saw a pullback. This is the major barrier for the price to break above.
Resistance Zone (Pink) $44.88 – $47.083
 This zone is a significant resistance area where the price previously encountered difficulty breaking through. This zone is very important for the price to break out.
 Resistance Zone (Green) $37.02 – $38.03
This is the nearest resistance zone to the price. Recently the price has been rejected from this zone, Previously this acted as a strong zone every time the price has been rejected from this zone.Â
Resistance Levels $53.05 and $64.50
These two levels are also crucial; they have performed their roles well several times. At these levels, the price has already stopped multiple times and pulled back from them.
Support Zone (Yellow) $26.65 – $28.54
This support zone is crucial as it has been tested multiple times, meaning the price dropped here but then bounced back up. It indicates strong buying interest, where buyers step in to prevent the price from falling further. If the price drops to this zone again, it’s likely to find support.
Support Zone (Purple) $20.84 – $22.55
This is the lowest support zone on the chart. It acts as a last line of defense. If the price falls below the first support zone, this area could provide the next level of buying interest to stop further decline.
Trend Line (Red)
A red downward-sloping trendline indicates a persistent downtrend from April to July 2024. The price has recently tested this trendline but has not broken through it.
Volume Analysis
Currently at the time of writing the trading volume is at $47.582K, indicating a lack of strong buying interest at the current levels. A significant increase in volume would be necessary to confirm any potential reversal or breakout.
Potential Scenarios
Bullish Scenario:
- If the price breaks above the resistance zone (Green) and the trendline (Red), the next target would be the resistance zone (Pink).
- A sustained move above the Pink zone could lead to further gains towards the resistance levels.
Bearish Scenario:
- If the price fails to break the current resistance zone (Green) and trendline (Red), it could retrace back to the support zone (Yellow).
- A break below the Yellow zone could lead to a further decline towards the lower support zone (Purple).
Conclusion
The analysis of EGLD highlights important support and resistance levels critical for traders. Currently, EGLD is trading below a trend line and a key resistance zone. If the price breaks above the resistance zone and the trend line, it could target the next resistance zone, potentially reaching higher resistance levels with continued upward momentum. Conversely, if EGLD fails to break the resistance zone and trend line, it could retrace back to the support zone, with a risk of declining further to the lower support zone. The current trading volume is low, indicating weak buying interest; however, a significant increase in volume would be necessary to confirm any potential breakout or reversal. By monitoring these key zones and volume changes, traders can make more informed decisions regarding EGLD’s market movements.
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This detailed analysis provides a comprehensive understanding of the current market structure and potential scenarios. Traders can use these insights to make informed decisions and effectively navigate the market.
Stay tuned to The Crypto City Trading Newsletter for more in-depth analyses, market insights, and expert guidance. As always, we strive to empower you with the knowledge and tools needed to navigate the fast-paced world of cryptocurrency trading. Happy trading!
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The Crypto City Trading Team