📊 Detailed Technical Analysis (Daily Timeframe):
🔍 1. Market Structure & Chart Pattern
Major Downtrend Line Breakout – Reversal Signal:
After being stuck under a persistent downtrend for nearly 9 months, EGLD has officially broken out of the descending trendline, signaling a potential shift from distribution to expansion phase. This breakout is significant and could mark the beginning of a new bullish trend.
Double Bottom + Accumulation Range:
Price action shows a clear double bottom formation within the $13.00–$16.50 range, which acted as a strong accumulation zone. This horizontal structure suggests buyers have been silently accumulating before triggering this breakout.
Resistance Turned Support (RBS):
The breakout is now being retested around the $17 level. If EGLD holds this area, it would confirm a support flip, which is a classic bullish signal. Holding above this zone would give bulls full control over the next moves.
🟢 2. Bullish Scenario (Base Case):
If the breakout sustains with increasing momentum:
✅ Short-Term Targets:
$20.08 and $21.88 – minor historical resistance levels.
✅ Mid-Term Targets:
$27.93 and $33.66 – key levels aligning with measured move targets and Fibonacci retracements.
✅ Long-Term Targets:
$39.41, $48.41, up to $55.61–$58.25 – previous key highs and psychological zones.
💡 If EGLD successfully retests and holds above $17.00, it presents a strong opportunity for trend-following entries with favorable risk-reward.
🔴 3. Bearish Scenario (Alternative Case):
If this breakout fails (false breakout scenario):
⚠️ Price could fall back into the previous accumulation range between $13.00–$15.50.
A breakdown below that range could drag EGLD further down toward $11.40, or even $10.00 – a crucial long-term support zone.
Lack of volume or weak bullish confirmation would be early signs of a failed breakout.
🧠 4. Sentiment & Broader Context:
🌐 This breakout comes at a time when altcoin capital rotation is starting to emerge as BTC dominance cools off.
🚀 EGLD, as a smart contract platform, historically performs well during altseason waves and ecosystem narratives.
✅ Final Thoughts:
> EGLD has printed a significant breakout from long-term bearish control. With accumulation completed and momentum building, this may be the beginning of a bullish cycle. However, staying above the $17 level is the key validation to confirm this trend reversal.
#EGLD #EGLDUSDT #CryptoBreakout #AltcoinSeason #TrendReversal #CryptoAnalysis #TechnicalAnalysis #BullishSetup #DoubleBottom
🔍 1. Market Structure & Chart Pattern
Major Downtrend Line Breakout – Reversal Signal:
After being stuck under a persistent downtrend for nearly 9 months, EGLD has officially broken out of the descending trendline, signaling a potential shift from distribution to expansion phase. This breakout is significant and could mark the beginning of a new bullish trend.
Double Bottom + Accumulation Range:
Price action shows a clear double bottom formation within the $13.00–$16.50 range, which acted as a strong accumulation zone. This horizontal structure suggests buyers have been silently accumulating before triggering this breakout.
Resistance Turned Support (RBS):
The breakout is now being retested around the $17 level. If EGLD holds this area, it would confirm a support flip, which is a classic bullish signal. Holding above this zone would give bulls full control over the next moves.
🟢 2. Bullish Scenario (Base Case):
If the breakout sustains with increasing momentum:
✅ Short-Term Targets:
$20.08 and $21.88 – minor historical resistance levels.
✅ Mid-Term Targets:
$27.93 and $33.66 – key levels aligning with measured move targets and Fibonacci retracements.
✅ Long-Term Targets:
$39.41, $48.41, up to $55.61–$58.25 – previous key highs and psychological zones.
💡 If EGLD successfully retests and holds above $17.00, it presents a strong opportunity for trend-following entries with favorable risk-reward.
🔴 3. Bearish Scenario (Alternative Case):
If this breakout fails (false breakout scenario):
⚠️ Price could fall back into the previous accumulation range between $13.00–$15.50.
A breakdown below that range could drag EGLD further down toward $11.40, or even $10.00 – a crucial long-term support zone.
Lack of volume or weak bullish confirmation would be early signs of a failed breakout.
🧠 4. Sentiment & Broader Context:
🌐 This breakout comes at a time when altcoin capital rotation is starting to emerge as BTC dominance cools off.
🚀 EGLD, as a smart contract platform, historically performs well during altseason waves and ecosystem narratives.
✅ Final Thoughts:
> EGLD has printed a significant breakout from long-term bearish control. With accumulation completed and momentum building, this may be the beginning of a bullish cycle. However, staying above the $17 level is the key validation to confirm this trend reversal.
#EGLD #EGLDUSDT #CryptoBreakout #AltcoinSeason #TrendReversal #CryptoAnalysis #TechnicalAnalysis #BullishSetup #DoubleBottom
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✅ Get Free Signals! Join Our Telegram Channel Here: t.me/TheCryptoNuclear
✅ Twitter: twitter.com/crypto_nuclear
✅ Join Bybit : partner.bybit.com/b/nuclearvip
✅ Benefits : Lifetime Trading Fee Discount -50%
✅ Twitter: twitter.com/crypto_nuclear
✅ Join Bybit : partner.bybit.com/b/nuclearvip
✅ Benefits : Lifetime Trading Fee Discount -50%
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.