Six weeks ago I made an analysis on EGLD. In this analysis I discussed the ascending / bearish wedge pattern and the bearish target in case of a bearish move.
As of this week, the bearish target of $170 has been reached and EGLD is currently trading near a huger support area.
It's certainly possible for EGLD to drop further inside the area of support, but a weaker BTC would be needed for that. Since BTC appears to be relatively bullish in the short-term we might actually reverse from this area.
For the coming weeks I've got my target placed at $300. Not sure how much juice EGLD has left in it since it made a 70x already, but who knows.
Happy trading!
As of this week, the bearish target of $170 has been reached and EGLD is currently trading near a huger support area.
It's certainly possible for EGLD to drop further inside the area of support, but a weaker BTC would be needed for that. Since BTC appears to be relatively bullish in the short-term we might actually reverse from this area.
For the coming weeks I've got my target placed at $300. Not sure how much juice EGLD has left in it since it made a 70x already, but who knows.
Happy trading!
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