EGLDUSDT → Growth may resume after the correction stops

Feb 8

EGLDUSDT is trying to finish the technical phase of correction and continue the global uptrend amid the realization of 2-year accumulation.



Since the middle of last year, the coin was in hibernation, or rather in the consolidation phase. Formed a bottom, a narrow corridor allowed the formation of a strong support area. On the background of cryptocurrency market recovery, the growth of the flagship - bitcoin, EGLD revives, but at the same time forms trend resistance. On D2 the resistance is broken and for a few weeks the price forms a consolidation above the line, on H6 it is a descending range (correction).
On the main chart we see an attempt by price to break the correction resistance. Consolidation of price above 53.45 will form a bullish potential that could resume the uptrend.

Support levels: 53.45, 51.4, 47.11
Resistance levels: 60.1, 68.48

I expect the continuation of the global trend, but for this the bulls need to finish the correction phase, which is within the current descending channel. A breakout of the resistance and consolidation above this level will be a good signal

BTCUSD TOTAL

Regards R. Linda!