EGLD (MultiversX) - accumulationIt seems that EGLD has formed a quite strong descending range trend on the monthly timeframe, so it is maintaining a downward movement.
Currently, the price is supported upward by a range trend on the weekly this time.
However, I have identified some potential zones for the long term (at least 6 months, preferably a minimum of 1 year, or until targets are reached).
A first opportunity (which can be taken as a short-term position) would be the daily support at $38.4, and the moment when this support is reached is important, preferably together with the weekly trend - as a short-term position.
The weekly support at $34.54 looks very good and can support the movement.
The one at $29.8 could represent a good zone, but we should keep in mind that it has been tested.
The best accumulation zone from my point of view is this monthly support at approximately $11.
As zones where profits can be "locked," I have identified:
The daily resistance at $44.27 represents a quite important piece in the shorter term or the monthly descending range trend.
The weekly resistance at $56.7 looks good enough.
A really good and important target, that high at $64.
And for the more patient ones - the daily resistance at $ 132 and the 3-month one at $205.
It is easy to do DCA (just spot) at each support level, but the capital allocation will be different. Likewise, for collecting profit, a little bit at each target. I will follow these zones with interest, I am not exposing them just for the sake of exposure.
What I presented is not investment advice, just a personal view. Each person is responsible for their own decisions, don't put all your eggs in one basket, and don't invest more than you can afford!
