Elrond Bullish RSI Divergence Calls For at Least $10 Rally
Elrond (EGLD) has printed a bullish RSI divergence that supports more upside, at least until the next resistance around the $63 level is retested again. Additionally, Elrond is showing relative strength compared to the overall cryptocurrency market. These two technical factors combined offer a short-term bullish outlook for the Elrond price.
What is Elrond?
Elrond is a blockchain platform that enables high throughput and low latency transactions.
It uses a novel sharding approach that allows it to achieve scalability. Elrond has a native token, ESD, that is used to pay for transaction fees. The Elrond network is powered by nodes that are run by stakers. Stakers are rewarded with ESD for their participation.
Bullish RSI Divergence
A strong bullish divergence between EGLD and the Relative Strength Index (RSI) oscillator was seen at the bottom of the current range near the $47 support level. The rally that emerged afterward doesn't seem to be running out of steam.
More, the price has developed the bullish RSI divergence in multiple time frames, indicating a potential bigger bounce.
The path of least resistance is to the upside as there are no clear resistance levels until the area between $63 and $65.
