The EGLD/USDT pair has been trading within a well-defined range for an extended period, as highlighted in the chart. The price has been oscillating between the support and resistance levels, forming a clear consolidation zone (marked in green).
Throughout this range, we can observe multiple fakeouts—one to the upside and another to the downside—where price briefly broke out of the range only to return inside, trapping breakout traders. These false breakouts indicate liquidity hunts before the price resumes its mean-reverting behavior.
Currently,
EGLD is testing the lower boundary of the range once again. If history repeats, we could see another reversal towards the mid-range or resistance. However, a confirmed breakdown below this zone could signal a continuation of the downtrend.
Key Levels to Watch:
• Resistance: ~$75
• Mid-Range: ~$41
• Support: ~$17
Traders should wait for confirmation before taking positions, as another fakeout is possible. A sustained close below support may indicate further downside potential, while a bounce could provide a good opportunity for range trading.
Throughout this range, we can observe multiple fakeouts—one to the upside and another to the downside—where price briefly broke out of the range only to return inside, trapping breakout traders. These false breakouts indicate liquidity hunts before the price resumes its mean-reverting behavior.
Currently,
EGLD is testing the lower boundary of the range once again. If history repeats, we could see another reversal towards the mid-range or resistance. However, a confirmed breakdown below this zone could signal a continuation of the downtrend.Key Levels to Watch:
• Resistance: ~$75
• Mid-Range: ~$41
• Support: ~$17
Traders should wait for confirmation before taking positions, as another fakeout is possible. A sustained close below support may indicate further downside potential, while a bounce could provide a good opportunity for range trading.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.