EGLD / TetherUSLong
EGLD, Diamond pattern = ready for more upsisde?
The price of EGLD has successfully broken out of its downward parallel channel, which lasted from April to November 2024. After reaching a high of around $55, the price retraced, giving back some of its earlier gains, but is now holding above the $30 support level.
Although the price faced significant selling pressure, it has remained above the previous range and the downward trendline (now acting as support).
From January 3 to January 6, the price attempted to break above the range but fell back to the lows of the range. Since then, a diamond pattern has emerged on the 1H and 4H timeframes, signaling a potential bullish reversal. If the price holds above $32, the diamond pattern remains valid, and a move to the upside is anticipated. This could lead to a retest of the range’s upper range around $40. A successful breakout may push the price towards higher resistance levels at $45–$55 and $75–$78.
Although the price faced significant selling pressure, it has remained above the previous range and the downward trendline (now acting as support).
From January 3 to January 6, the price attempted to break above the range but fell back to the lows of the range. Since then, a diamond pattern has emerged on the 1H and 4H timeframes, signaling a potential bullish reversal. If the price holds above $32, the diamond pattern remains valid, and a move to the upside is anticipated. This could lead to a retest of the range’s upper range around $40. A successful breakout may push the price towards higher resistance levels at $45–$55 and $75–$78.
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.