This Altcoin Rising 100% in 4 Days Attracts the Attention of Whales! Elrond (EGLD) Price Analysis

Earning more than 100 percent to those who invested in it in the last few days Elrond (EGLD) In 24 hours, it has provided a 15 percent profit to its investor. EGLD, which rose to 32nd place in the cryptocurrency volume ranking after the recent rises, has partnered with the Untold Festival in the past weeks and it has been announced that the festival tickets can be purchased with EGLD. At the same time, the announcement that artists could distribute NFT to their fans through EGLD enabled EGLD to back the popular NFT trend.

EGLD, which experienced a gradual rise after these statements, has been premium by 240 percent since the beginning of August.

Looking at the 1-hour chart, the most important support for EGLD, which is advancing on the ascending channel, is the $247 levels it had previously seen on April 12. The lower supports for the price, which broke this resistance and lived ATH with its recent rises, are at $222 and $188.

EGLD 1-Hour Chart Support and Resistances

Although it is risky to invest in coins that have recently risen, investors who want to invest, They could stop at the lower support of the ascending channel (yellow line below) or below $247.

When Fibonacci is applied to the chart, EGLDIt is seen that the next most important target of the company is 340 dollars. Especially holding the price above $247 and it is very important for the uptrend not to be disrupted, for new highs to come and for the whales to make a buying decision.

EGLD 1-Hour Chart Fibonacci Levels

*Not investment advice.

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