Here's today's analysis update for EGLD/USDT:
The current trend for EGLD/USDT is slightly bullish, with a potential bounce from the current price due to liquidity taken and a double bottom pattern. After hitting the oversold zone, EGLD seems to be generating a trend change in the 20-period weighted average, which could take it to the $40 zone.
Key Levels to Watch:
- Support: $38, then $23
- Resistance: $50 (previous support), then $78 and $100
Technical Analysis:
The Relative Strength Index (RSI) and other technical indicators suggest growth, with a possibility of a growth reaction from the 50% level. Momentum is mixed, as the MACD Line is above the MACD Signal Line (Bullish) but RSI is around 50 (Neutral).
Trade Ideas:
Consider long-term buy trades, targeting $50 and above. Short-term investors can consider sell trades, targeting $38 and below.
Keep in mind that cryptocurrency markets are highly volatile. Always conduct thorough research and consider multiple sources before investing.
