Elrond gears up for a bull run in the coming weeks

Like so many other cryptocurrencies in the market, Elrond has reported steady gains at the start of the week. The coin in fact appears to be getting ready for a massive bull run after it managed to break out of a two-month resistance trendline. But how far can the coin go, and will the uptrend actually last? Here are some pointers:

EGLD has managed to convert $56.3 from resistance to support

The coin has struggled to cross above this price for the best part of 3 months

The breakout presents a real prospect of a decent uptrend for EGLD

Data Source: TradingView 

How far can EGLD go?

At the moment, EGLD appears to be setting the stage for a run towards $75 or thereabout. This will represent a gain of 25% from the current price. Crossing above $56.83 is a major feat for the coin. The price is sandwiched between long-term resistance and EGLD’s 20-day EMA. 

At press time, the coin was selling for slightly above $60. This means that EGLD has surged past a long-term resistance trendline while still beating off its 20-day EMA. These are very legit bullish signs that should give any investor some hope. 

However, there are still some limits as to the overall upside. For now, a modest 25% surge appears likely, but it’s really hard to say how far the coin can sustain these gains. After all, the crypto market is just slightly recovering after last week’s sell-off.

How to trade this setup

EGLD of course offers a decent bullish setup. But only a short-term play makes sense. So, give it a day or two and see if the price consolidates above $56.4. 

After that, buy and exit at $75 or thereabout. As for long-term buyers, this is still a good time to buy owing to the huge dips we have seen over the past 6 months.