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R.Linda Trading - forecast

EGLDUSDT → Growth may resume after the correction stops

2024-02-08 07:55 CRYPTO forecast

💡 Ideas For EGLDUSDT 💰

📈 EGLDUSDT → Growth may resume after the correction stops

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EGLD is trying to finish the technical phase of correction and continue the global uptrend amid the realization of 2-year accumulation

snapshot

Since the middle of last year, the coin was in hibernation, or rather in the consolidation phase. Formed a bottom, a narrow corridor allowed the formation of a strong support area. On the background of cryptocurrency market recovery, the growth of the flagship - bitcoin, EGLD revives, but at the same time forms trend resistance. On D2 the resistance is broken and for a few weeks the price forms a consolidation above the line, on H6 it is a descending range (correction).

On the main chart we see an attempt by price to break the correction resistance. Consolidation of price above 53.45 will form a bullish potential that could resume the uptrend.

Support levels: 53.45, 51.4, 47.11

Resistance levels: 60.1, 68.48

I expect the continuation of the global trend, but for this the bulls need to finish the correction phase, which is within the current descending channel. A breakout of the resistance and consolidation above this level will be a good signal

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