The price of EGLD has successfully broken out of its downward parallel channel, which lasted from April to November 2024. After reaching a high of around $55, the price retraced, giving back some of its earlier gains, but is now holding above the $30 support level.
Although the price faced significant selling pressure, it has remained above the previous range and the downward trendline (now acting as support).
From January 3 to January 6, the price attempted to break above the range but fell back to the lows of the range. Since then, a diamond pattern has emerged on the 1H and 4H timeframes, signaling a potential bullish reversal. If the price holds above $32, the diamond pattern remains valid, and a move to the upside is anticipated. This could lead to a retest of the range’s upper range around $40. A successful breakout may push the price towards higher resistance levels at $45–$55 and $75–$78.
Although the price faced significant selling pressure, it has remained above the previous range and the downward trendline (now acting as support).
From January 3 to January 6, the price attempted to break above the range but fell back to the lows of the range. Since then, a diamond pattern has emerged on the 1H and 4H timeframes, signaling a potential bullish reversal. If the price holds above $32, the diamond pattern remains valid, and a move to the upside is anticipated. This could lead to a retest of the range’s upper range around $40. A successful breakout may push the price towards higher resistance levels at $45–$55 and $75–$78.
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