The Elrond price has taken a beating in the past few days. EGLD is trading at $130, which is 42% below the all-time of $216 that was reached on Tuesday last week. This has brought its market cap to more than $2 billion making it the 33rd biggest cryptocurrency in the world. At its peak last week, it was the 18th largest currency.
In my EGLD price prediction last week, I noted that it had gotten extremely overbought and that a pullback was likely. Precisely, I predicted that the price would likely retest the important psychological level of $150. That happened and the price managed to fall further to $100.
Now, the Elrond price has started bouncing back, gaining by about 27% in the past few hours. Also, the price has continued being extremely volatile, as measured by the Average True Range (ATR) indicator.
It has also gone back inside the descending channel shown in pink and is still below the important 25-day exponential moving average (EMA). Therefore, in the near term, while the overall trend is bearish, there is a likelihood that the price will bounce back to $150. This will be an overall bearish jump, meaning that the price will then resume the downward trend.
