#EGLD/USDT Reaches Key Level: Will the Bullish Trend Continue?
EGLD/USDT is showing strong bullish momentum on the 4-hour chart, currently trading around $32.22. The price has successfully broken above the major resistance level around $31.00, which had previously acted as a barrier to upward movement. The 200-period Moving Average (MA) is currently at $29.05, indicating that the price is above the long-term average, supporting a short-term bullish trend.
The RSI indicator is at 66.84, indicating strong bullish momentum but approaching the overbought area, which could lead to a potential short-term correction. Meanwhile, the MACD indicator shows the MACD line above the signal line with a positive histogram, signaling sustained bullish strength.
In a bullish scenario, if EGLD/USDT can maintain its breakout above the $31.00 level and continue its upward movement, the next resistance targets are around $34.00 to $36.00. However, if a correction occurs, the key support level to watch is $31.00, which could be a potential entry point for buyers looking for a rebound opportunity.
Disclaimer:
This analysis is for informational purposes only and does not constitute investment advice. The cryptocurrency market is highly volatile, and all trading decisions should be based on personal research and consultation with a professional financial advisor.
#6thTrade #BecomeCreator #Market_Update #BinanceBlockchainWeek
