Since EGLD's inception on Binance, this token has been trading inside an ascending wedge formation. During the fall late last week the price saw a sharp bounce from the lower trend line / support area, indicating that investors were eager to step in around that area.
With Bitcoin seeing some slight downward movement at the moment, there's a decent chance that EGLD will go for a re-test of said trend line. Furthermore, if stocks (and therefore BTC) will keep dumping, this ascending wedge might break bearish.
Be aware that ascending wedges are classically bearish chart patterns, so there's a higher probability for this pattern to break bear than to break bull.
In case of a bullish reversal, look at the top trend line for a potential exit. In case of a bearish break out, look at the $170 area for a potential target.
Happy trading!
With Bitcoin seeing some slight downward movement at the moment, there's a decent chance that EGLD will go for a re-test of said trend line. Furthermore, if stocks (and therefore BTC) will keep dumping, this ascending wedge might break bearish.
Be aware that ascending wedges are classically bearish chart patterns, so there's a higher probability for this pattern to break bear than to break bull.
In case of a bullish reversal, look at the top trend line for a potential exit. In case of a bearish break out, look at the $170 area for a potential target.
Happy trading!
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