Elrond has been trending sideways with a slight uptrend since the sharp collapse in late February. The resulting ascending triangle pattern support level has been trying to resolve upwards since April 2. Today, EGLD price is attempting to breakout for the fourth time, with a gain of 12.7% at the time of writing. it might be the second-largest daily return since the February high.

Elrond price strength being noticed on Twitter

Getting attention within the cryptocurrency complex isn't easy for Elrond considering it ranks 41st in market capitalization. Yesterday, the altcoin registered the very best positive sentiment on Twitter since the end of December. The spike in sentiment coincides with the developing advance from the ascending triangle.

On February 8, Elrond's price hit $236.55, slightly exceeding the 1.618 Fibonacci extensions of the 2019-2020 market at $234.44. EGLD began a decline of 60% the following day before bottoming near the 50-day simple moving average.



Today’s price rally is stalling just above the 0.786 retracement level of the February correction at $191.96. A successful close above that support level will put EGLD price on pace to test the all-time high and therefore the Fibonacci extension mentioned within the above paragraph.

The measured move target supported the ascending triangle pattern is $253.21, yielding a 50% gain. Aggressive targets include the 1.382 extension level of the February correction at $343.41 then the 1.618 extension level at $432.35.

The union of the 21-day SMA and 50-day SMA, around $142.00, is that the first level of support, followed by the rising trendline at $123.00. A daily close below the trendline could expose EGLD to a decline to the 100-day SMA at $102.83.

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