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  • ERD/USD has been consolidating for the past week after a massive bull rally.
  • ERD saw an explosive 11% breakout after a 4-hour equilibrium pattern.

Elrond is the best performing altcoin of 2020 after gaining more than 5,000% in just five months. Elrond managed to reach a $350 million market capitalization and climbed into the top 40 according to CoinMarketCap.

ERD/USD 4-hour chart

ERDUSD

The 4-hour chart has been the most important time frame for ERD in the past week. Bulls have been trying to climb above the 26-EMA for the entire week, forming a clear equilibrium pattern with higher lows and lower highs. 

The last lower high before the breakout was established at $0.0213 and the higher low at $0.02. Unfortunately for the bears, the $0.02 level did break but had no continuation.