Elrond, one of the top 100 cryptocurrencies of the global market, is seen trading at $24.535 with a complete bullish crossover and is one of the massive altcoin gainers in the intraday. Even though Elrond is not one of the top 10 or top 50 cryptos, it definitely holds a significant capability to strengthen and bounce to an even higher trading price, fetching profits for its investors.
Elrond Rises by Over 200% in Less than 30 Days
As per the trend of EGLD/USD, it is clear that the coin has strengthened steeply since the beginning of the ongoing month and has definitely gained hugely from trading around $8 at the onset of the last trading month of the year, currently trading at $24.5. It is clear that one of the top 100 cryptos of the market has gained over 200%, which reflects its capability to break through and rise above the old and other major altcoins of the global crypto market.
Elrond Price Analysis
At the time of penning down this analysis, Elrond was seen trading at $24.5, after having strengthened by over 200% in less than 30 days from trading below $10 to trading above $20 at present. The price trend of EGLD/USD on the daily chart reflects an apparent parabola growth right from the beginning of September 2020 until the current extended steep rise.
Within this duration of 4 months starting from September, the EGLD has tested support as low as $6.5 in October to retrieve back and trade with a complete bullish crossover. In this respect, the price trend is breaching the upper band, and with the steep rise, the BB is seen widening on a daily and therefore, a volatile upside move is predicted.
The MACD indicator shows a full swing bullish move as the price sees no bars and the RSI breaching 70 and currently lies at 87.59. The RSI clearly reflects the massive demand for Elrond due to such an enormous gain.