The price action for EGLD is in a well-defined descending channel since early 2022, mapping out lower highs and lower lows as the asset retraced from its previous bull market peak.
Whenever EGLD reached the lower part of its descending channel, price has historically tended to reverse upward, offering short-lived relief rallies.
This setup remains highly speculative and should be approached with caution. The downtrend has repeatedly disappointed, with many previous bounces failing to deliver sustained upside or meaningful trend changes. For this reason, any trades initiated at the channel lows are best sized conservatively, allocate only a small portion of capital.
The $21 level represents a significant resistance for EGLD, if price approaches $21 during a reversal, taking profit will be a good idea.
Whenever EGLD reached the lower part of its descending channel, price has historically tended to reverse upward, offering short-lived relief rallies.
This setup remains highly speculative and should be approached with caution. The downtrend has repeatedly disappointed, with many previous bounces failing to deliver sustained upside or meaningful trend changes. For this reason, any trades initiated at the channel lows are best sized conservatively, allocate only a small portion of capital.
The $21 level represents a significant resistance for EGLD, if price approaches $21 during a reversal, taking profit will be a good idea.
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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.
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.