EGLD Technical Analysis: Bearish Trendline Keeps Downtrend Going

EGLD price action shows a bullish reversal ready to challenge the long-coming resistance trendline. Will buyers surpass the trendline this time? Key technical points: The EGLD market value deflated by 2.71% in the last 24 hours. Bollinger bands maintain a downward expansion phase. The 24-hour trading volume of Elrond is $54 Million, indicating a rise of 12.81%. Past Performance of EGLD With EGLD sellers taking over the trend control on April 1st, the 60% sharp reversal from $200 broke below the $100 mark. The downtrend generates a falling descending trendline that has kept the bullish attempts under control. Moreover, the $100 retest coming after the reversal at $75 shows a hesitance at a retracement and increases the trendline breakout chances. Source-Tradingview EGLD Technical Analysis The EGLD price shows a higher price rejection from the $75 mark, and the midline of the Bollinger bands, teasing a potential reversal. However, the Bollinger bands project a slight bullish reversal leading to a potential contraction phase. The Stochastic RSI shows the K and D lines enter the overbought territory but struggle to maintain the bullish trend as the merger increases crossover possibility. On the other hand, the MACD and signal lines give a bullish crossover and trend higher to the zero line after a long-coming downtrend. Hence, the crossover starts a bullish trend in the MACD histograms, promoting the possibility of a bullish break...