EGLD Price Update & Technical Analysis in a 2-Day Timeframe

1 Sep

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Now, let’s dive into this chart analysis:

EGLD failed to break above the 50 EMA resistance and was rejected. The current market price of $28.8 is trying to hold strong, but it will likely weaken if there's insufficient volume.

The invalidation point at $26 is also a support trendline, and a close below this level will likely trigger a drop to the lower support level at $22.4.

For EGLD to turn bullish, it must break the 50 EMA as it did in October 2023.

Key levels:

~ Primary Resistance: 50 EMA.
~ Support: $26.
~ Target: $65 to $75.
~ Adjusted Invalidation Point: A breakdown and close below $22.40.

DYOR, NFA.

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