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  • Elrond price has experienced one of the biggest rallies in the past two days. 
  • A crucial indicator is on the verge of presenting a massive sell signal for EGLD.
  • EGLD has reached a $3.3 billion market capitalization, hitting top 20 on CoinMarketCap.

Elrond has been trading inside a massive rally since October 2020 from an all-time low of $6.8 to an all-time high above $200. In the past 48 hours, the digital asset has gained more than $2 billion in market capitalization, placing top 20. 

Update: Elrond has been retreating from the highs, trading at around $180 after hitting a high above $215 earlier in the day. As mentioned below, selling pressure on the upstart cryptocurrency has been immense. Nevertheless, it has recovered from the lows of $167 relatively quickly. After entering the top 20 list of cryptos, interest in EGLD has been on the rise. Will bargain-seekers seize the current correction and jump in? One thing seems certain, volatility will likely remain robust. 

Elrond price can quickly fall towards $175

On the 6-hour and the 9-hour charts, the TD Sequential indicator has presented two sell signals and it’s on the verge of doing the same on the daily chart, where currently we can see a green ‘8’ candlestick.

egld price

EGLD Sell Signals

If the daily sell signal is confirmed, EGLD can see a massive correction in the short-term as there are no clear support levels on the way down. Using the Fibonacci Retracement tool we can determine several potential price targets for the bears.

egld price

EGLD/USD daily chart

The first potential price target for the bears is located at $175 which is the 78.6% Fibonacci level. The next is established at $143, the 61.8% Fib level. Elrond price can potentially drop towards this level.