EGLD, the native coin of the scalable smart contract blockchain network, Elrond Network, broke out of a falling wedge in an uptrend on 20 August. Sharing a significant positive correlation with the leading cryptocurrency, Bitcoin, EGLD has been impacted by the general downturn that has plagued the cryptocurrency market since the beginning of this month. […]
, broke out of a falling wedge in an uptrend on 20 August.
Following an impressive run in July that caused the coin to rally by 16%, it has since posted a double-digit decline after August started, data fromA breakout of a falling wedge is usually a precursor for price growth. But is this enough for investors to ape in on the EGLD coin?On a daily chart, the key indicators to track EGLD’s trading momentum are positioned in a way that negates the belief that a bullish reversal was underway.
At -0.09 at press time, the dynamic line of the Chaikin Money Flow was positioned below the central line indicating a significant decline in pressure on EGLD’s price.This was further confirmed by the position of the MACD which as of this writing, was predominantly made up of red histogram bars. At 12 at the time of writing, the coin’s social volume registered an 85% decline following the high of 8 August.Moreover, in the last week, 55.29 million transactions were processed on Elrond Network. This was a 5% drop from the 54.73 million transactions processed the week before.
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