Elrond Price Prediction, EGLD Coins have been tightly Clutched by Sellers#cryptonews#Elrondprice#BTC

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Elrond Coin Price Analysis: EGLD Coins have been tightly Clutched by Sellers
AGLD Coin has been following a downtrend after hitting its all-time high level.
Today, AGLD Coin price has decreased drastically by 17.87%.
AGLD/BTC pair price is surviving in a red zone by 11.02% at 0.004772 BTC.
In the wake of hitting an all-time high ($542.58), investors started selling EGLD Coins, and they fell dramatically. EGLD Coin then started to move in a horizontal range; currently, EGLD Coin has broken this range on the downside, creating a very frightening scenario for investors.

Today Elrond Price is trading at $204.27, down 17.82%. Trading volume is up 69.29% to $284 million in the last 24 hours. This massive price movement indicates heavy selling pressure on the RGLD coin. Since that time, the EGLD token has lost 62.60% of its all-time high. This shows the weakness of the coin for long-term investments. As of the time of writing, the EGLD/BTC pair is opposing by 11.02% at 0.004772 BTC. On the other hand, RGLD/ETH pair price is down by 6.92% at 0.0609 ETH.

Recently, EGLD Coin breached below 200 Moving Average, which was the crucial support level for the Coin as an extended period view. But now, the Coin is trading 20,50,100 and 200 Moving Averages, which indicates the intense weakness in the Coin.
According to the Relative Strength(bearish) Index (32 levels), the worst negativity in the Coin is present. Now that the RSI is at the oversold level, there may be a bit of buying that follows. However, the RSI must show any bullish sign first before buying can begin. And if we look at the current situation, it is moving down.
After hitting an all-time high on 29 November, the MACD has generated the crossover on the downside. In the meantime, it has continued to move down, but now it shows a bit of a buying signal, which does not inspire confidence for long-term investments.

Conclusion – On 5 December, EDLD Coin broke through the upward trendline and slipped into the sideways territory. There is a possibility that the bearish trend will continue until $159 is reached. The Coin price is expected to bounce back and resist at $339 after taking the support.
Resistance level- $339

Support level- $159.39

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