EGLDUSDT Massive break above the 1D MA100.

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For this particular analysis on Elrond we are using the EGLDUSDT symbol on the OKX exchange.
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The idea is on the 1D time-frame where EGLD broke above the Falling Wedge pattern that it has been trading in for a little less than 2 months. The most important development however is that today it broke above its 1D MA100 (green trend-line) for the first time since August 14. If the price manages to close the 1D candle above it, it will be the first time to do so since April 19!

That would be on its own a massive bullish signal for the token as technically the next long-term target would be the 1D MA200 (orange trend-line), even though there are two Resistance levels involved (59.10 and 69.70) that shorter term traders can target.

Be careful however of the 1D RSI entering the Resistance Zone that has been holding throughout the whole year. A rejection there should make you consider taking profits earlier. On the positive side, the 1D MACD is on a strong Bullish Cross.




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