Current Price Movement
The coin had created its All Time High in September 2021 and reached a price of almost $303.03 before rejecting down to a price of almost $246 by losing some percentage of its value. At the time of writing this article EGLD is being traded at a price of $246.23 with an increase of 9.40% in the last 24 hours. A good pump before the start of Q4. The price has been continuously printing green candles for the past 3 months and has shown gains of 17.30%, 24.21%, 94.78% respectively. Since the reversal, the price has shown incredible run and gave amazing returns. In the past 24 hours, the volume has increased by 4.85% creating the overall trading volume to $168,701,549. The circulating supply is around 19,578,394.34 EGLD. It is listed at 38th on coinmarketcap with a dominance of 0.21%
EGLD Technical Analysis:
Over the past three months, as mentioned before, the price is extremely bullish which lead to a new All Time High of this coin which was at $303.03 on 14th of September 2021.
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The coin after making its all time high had likely to come in a Wyckoff distribution schematic and possibly short term sells can be expected which would eventually balance out this impulsive move and make the market much healthy.
Talking about the price action, the market as was being bullish was creating a structure to the upside but soon after creating its all time high, the market has unfolded an Elliot triangular wave which already has now completed its 4 points and the last one to be expected is to the downside.
Within this triangular zone, the price has being creating liquidity and at the same time grabbing them as well. no just after completing the D move, the price created some sort of equal lows which has induced buyers within the market, and as an orderblock being below that, it is likely that once this liquidity gets grabbed, the price might eventually tap within that which would moreover complete the last move of Elliot as well i.e. E move.
From there on, a bullish sentiment might be observed which would mitigate the all time high completing the Wyckoff distribution schematic. If the price follows the plan accordingly, after mitigation of price, the price might fall all the way till the demand zone and mitigate the orders within that. This will complete the pullback of an impulsive move to much of extent that the next impulsive move can be expected from that point
Now in case if the price while mitigating the all time high breaks above it, longs won’t be preferred still as the market has expanded much to the upside and it really needs to retrace. even if it moves more away from that, that merely would be a stop hunt of the High.