hello everyone. before moving on to the video we ask you to
support us and subscribe to our channel please. Elrond is among the biggest losers
in the cryptocurrency market. A bearish wave has seen both small and large coins
correct from their recent highs. Elrond’s massive upswing ran into a strong barrier at $225,
paving the way to a 60% breakdown below $100. Meanwhile, bulls seem to be working on a recovery
mission as long the primary support holds firmly. The breakdown from the all-time high
failed to secure support at the 61.8% Fibonacci retracement level, taken between the
last swing high at $225 to a swing of $96.2. The bearish leg progressed under $100
before Elrond bounced off the 23.6% Fibo. At the time of writing, Elrond is dancing at
$140 after reclaiming the lost ground above the 100 Simple Moving Average on the 4-hour
Elrond must close the day above this key moving average to sustain the ongoing
recovery. Notably, massive buy orders will be triggered if the token steps above either
the 61.8% Fibo or the 50 Simple Moving Average. The Relative Strength Index on the
4-hour chart has validated the rebound after bouncing off the oversold area.
A continued movement toward the midline will cement the bulls’ influence over the price.
Elrond is not out of the woods yet, and therefore, it is essential to tread with caution.
the uptrend cannot be sustained above the 100 Simple Moving Average on the 4-hour chart,
another retracement will take precedence. The support at the 23.6% Fibo near $95 would also
be retested. A break under this zone may open the Pandora box as bears rush to push for
losses toward the 200 Simple Moving Average. Zilliqa price saw a breakdown of the critical
level at $0.125 on the 4-hour chart due to a sudden spike in selling pressure
caused by a market-wide correction. Zilliqa sliced through the $0.125
support barrier provided by the Bollinger Band's middle line triggering
the SuperTrend indicator's sell signal. Now, ZIL continues to drop towards the Bollinger
Band's lower end, which is the next demand level.
The 1-hour chart presents an additional bearish
outlook for Zilliqa price due to the breach of the 100 one-hour MA. Moreover, a breakout from the
descending triangle pattern suggests a 20% drop, which is the distance from the price’s highest
point inside the triangle to the flat support. It is worth noting that the Zilliqa price
correction towards the said target can be mitigated due to the presence of the
200 one-hour MA around the $0.107 level. Therefore, if buyers continue
to accumulate Zilliqa at $0.107, the resulting spike in buying
pressure could push the price higher. Only a 1-hour candlestick close
above the 100 one-hour MA at $0.12, coinciding with the triangle's base,
will invalidate Zilliqa's bearish thesis. Subsequent buying pressure projects a retest
of the 50 one-hour MA around the $0.14 level. Subscribe to our channel and open
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and is for information purposes only. It is not intended to be investment advice.
Every investment and trading move involves risk, you should do your own research
while making a decision.