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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Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.