On the EGLD/USDT (1D timeframe) chart, we can clearly see a strong downtrend structure dominating for the past few months. Price continues to form lower highs and lower lows, indicating persistent selling pressure.
Currently, price is testing a key area: a strong demand zone (3.95 – 3.65) highlighted by the yellow box. This zone has acted multiple times as a support level preventing further downside.
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📐 Pattern Formation: Descending Triangle
The current structure forms a Descending Triangle, characterized by:
Lower highs (descending trendline) → increasing selling pressure
Strong horizontal support at 3.95 – 3.65 → buyers defending this zone
Decreasing volume → potential for a significant breakout
👉 This pattern is typically a bearish continuation pattern, but confirmation is still required.
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🟢 Bullish Scenario
Main trigger:
A valid breakout above the descending trendline
Daily candle close above the 4.10 – 4.30 area
Potential targets:
4.90 (previous minor resistance)
5.50 (next supply zone)
Additional confirmation:
Increasing volume on breakout
Successful retest of the trendline as support
📌 If this scenario plays out, it could signal an early trend reversal or a relief rally
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🔴 Bearish Scenario
Main trigger:
Strong breakdown below 3.65 (key support zone)
Daily candle close below that level
Potential targets:
3.20 – 3.00 (next support zone)
Possible continuation toward the psychological level at 2.80
Additional confirmation:
Increasing volume on breakdown
Failure to reclaim the 3.65 level
📌 This would confirm a bearish continuation of the descending triangle pattern
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⚠️ Key Takeaways
The 3.95 – 3.65 zone is the decision area
Price is currently in a compression phase
A breakout or breakdown from this range could trigger the next major move
#EGLD #EGLDUSDT #CryptoAnalysis #TechnicalAnalysis #DescendingTriangle #BearishPattern #BullishBreakout #CryptoTrading #Altcoins #PriceAction #SupportResistance #BreakoutSetup #CryptoSignal
Currently, price is testing a key area: a strong demand zone (3.95 – 3.65) highlighted by the yellow box. This zone has acted multiple times as a support level preventing further downside.
---
📐 Pattern Formation: Descending Triangle
The current structure forms a Descending Triangle, characterized by:
Lower highs (descending trendline) → increasing selling pressure
Strong horizontal support at 3.95 – 3.65 → buyers defending this zone
Decreasing volume → potential for a significant breakout
👉 This pattern is typically a bearish continuation pattern, but confirmation is still required.
---
🟢 Bullish Scenario
Main trigger:
A valid breakout above the descending trendline
Daily candle close above the 4.10 – 4.30 area
Potential targets:
4.90 (previous minor resistance)
5.50 (next supply zone)
Additional confirmation:
Increasing volume on breakout
Successful retest of the trendline as support
📌 If this scenario plays out, it could signal an early trend reversal or a relief rally
---
🔴 Bearish Scenario
Main trigger:
Strong breakdown below 3.65 (key support zone)
Daily candle close below that level
Potential targets:
3.20 – 3.00 (next support zone)
Possible continuation toward the psychological level at 2.80
Additional confirmation:
Increasing volume on breakdown
Failure to reclaim the 3.65 level
📌 This would confirm a bearish continuation of the descending triangle pattern
---
⚠️ Key Takeaways
The 3.95 – 3.65 zone is the decision area
Price is currently in a compression phase
A breakout or breakdown from this range could trigger the next major move
#EGLD #EGLDUSDT #CryptoAnalysis #TechnicalAnalysis #DescendingTriangle #BearishPattern #BullishBreakout #CryptoTrading #Altcoins #PriceAction #SupportResistance #BreakoutSetup #CryptoSignal
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✅ Twitter: twitter.com/crypto_nuclear
✅ Join Bybit : partner.bybit.com/b/nuclearvip
✅ Benefits : Lifetime Trading Fee Discount -50%
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.