ELROND ($ERD) 🥇 | You Haven't Seen Elrond on Buzzfeed...Yet
💨💨 Our last Elrond chart worked wonders as the bulls quickly found support and then pumped ERD so hard the Bears needed to see a vet.
Today we are doing a follow-up analysis for the bulls to see if they can break the next resistance before someone can break the Elrond blockchain (see the contest in the links below).
As you can see below, we have done a side-by-side of ERDUSDT to look at long term levels without having to zoom out too much. Let's look at some levels that are in play now that the bulls have taken ERD to new local heights.
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Support:
The most important support level for the bulls is the S1 expected S/R flip. The reason we have marked this potential level is that if price does need to find support, it'll have to do it without much of a pullback. All established supports are too far down for the current bullish market structure to hold on a retest.
If S1 can't hold, the S2 orderblock at the swing low could hold. S2 could work to send ERD higher, but testing this level is a bad look for the bulls as explained above.
While there are lower support levels, they aren't relevant to the current market structure so let's leave them aside for now.
Resistance:
The first level of resistance is the R1 orderblock cluster. It is logical for the bulls to find resistance here, if they do the hope would be that it is temporary and at most results in a shallow pullback to S1.
If R1 can be broken, then the next target for bulls is the R2 orderblock at the swing high.
Summary:
ERD bulls had a beautiful setup on our last chart. While momentum and market structure look good still, the bulls have a bit of a problem in that they don't have much support to look to and thus have to keep running.
That said, running is what these ERD bulls seem to do best so this may be achievable.
Resources:[/I]
coindesk.com/elrond-will-pay-you-60000-to-break-its-blockchain
Today we are doing a follow-up analysis for the bulls to see if they can break the next resistance before someone can break the Elrond blockchain (see the contest in the links below).
As you can see below, we have done a side-by-side of ERDUSDT to look at long term levels without having to zoom out too much. Let's look at some levels that are in play now that the bulls have taken ERD to new local heights.
Hit that 👍 button to show support for the content and help us grow 🐣
Support:
The most important support level for the bulls is the S1 expected S/R flip. The reason we have marked this potential level is that if price does need to find support, it'll have to do it without much of a pullback. All established supports are too far down for the current bullish market structure to hold on a retest.
If S1 can't hold, the S2 orderblock at the swing low could hold. S2 could work to send ERD higher, but testing this level is a bad look for the bulls as explained above.
While there are lower support levels, they aren't relevant to the current market structure so let's leave them aside for now.
Resistance:
The first level of resistance is the R1 orderblock cluster. It is logical for the bulls to find resistance here, if they do the hope would be that it is temporary and at most results in a shallow pullback to S1.
If R1 can be broken, then the next target for bulls is the R2 orderblock at the swing high.
Summary:
ERD bulls had a beautiful setup on our last chart. While momentum and market structure look good still, the bulls have a bit of a problem in that they don't have much support to look to and thus have to keep running.
That said, running is what these ERD bulls seem to do best so this may be achievable.
Resources:[/I]
coindesk.com/elrond-will-pay-you-60000-to-break-its-blockchain
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