Elrond (EGLD) has been sliding down the crypto pecking order. The pressure on the price has pushed the market cap lower. Even though Elrond (EGLD) is still in the top 50, the coin could fall out soon if the current downtrend continues. We think that the downward pressure is far from over but first, some highlights here below:
After hitting all-time highs of $560 last year, Elrond (EGLD) has spiralled downwards by over 60%.
Although we saw some recovery at the tail end of 2021, the general trend for the coin has been downwards.
A look at technical indicators shows that this pressure is not about to end anytime soon.
Data Source: Tradingview.com
Elrond (EGLD) – Price prediction and analysis
At the time of writing, Elrond (EGLD) was trading at $214.74. The token is up about 5% for the day, but it’s still about 13% down over the last 7 days. Although EGLD has managed to sustain gains above the psychologically important $200 mark, it is still trading lower than its 25- and 50-day moving averages.
We also noted that the price is lower than the 61.8% Fibonacci retracement. With this in mind, the bearish trend appears to be well in force. Unless the coin is able to rally and break above $245, it is likely that the price action will remain in the red in the near term.
Should you buy Elrond (EGLD)
Well, right now is probably not the best time to buy Elrond (EGLD). But don’t take this the wrong way. This is a very decent coin with the potential to really deliver value for investors in the long run.
But since we expect the price to remain bearish, it would be best to wait for a further dip and get in on a better discount. Elrond (EGLD) is also ripe for short-term plays, especially for people who want to bet on improved crypto market sentiment.