EGLD Technical Analysis: Trendline Fallout Aims $120

The EGLD coin price shows a sharp increase in selling pressure overnight, falling below the support trendline and projecting a 10% fall. Key technical points: EGLD market prices break below $140. The MACD and signal lines continue the downtrend. The 24-hour trading volume of Elrond is $112 Million, reflecting a rise of 35%. Past Performance of EGLD EGLD prices fail to sustain above the 200-day resulting in a downfall from the psychological barrier of $200. The reversal accounts for deflation of 32% last month and breaks below the support trendline and the crucial daily EMAs. Source-Tradingview EGLD Technical Analysis The EGLD price action forms a bearish engulfing candlestick of 8.55% resulting in the support trendline fallout. Moreover, the downfall cracks under the $140 mark with a remarkable surge in selling pressure. With the bearish alignment, the falling crucial daily EMAs fail to support the downfall and regain the status of dynamic resistance. MACD indicator The fast and slow lines maintain the negative trend despite avoiding a bullish crossover. In addition, the bearish histograms regain trend momentum, implying an increase in selling pressure. RSI indicator: RSI slope showcases a surge in selling pressure as the downturn continues to approach the oversold zone. Furthermore, the 14-day SMA remains under the bearish influence and provides resistance to the RSI slope. In a nutshell, the EGLD technical analysis displays ...