Here's a comprehensive analysis on EGLD performed on a weekly time-frame and we will observe how the prices exhibit fractal properties over time. Also, we'll speculate upon the factors (listed below) which will lead the price to it's next possible New All-Time-High (ATH).
(i) The price momentum has been developing inside an "ASCENDING CHANNEL" since Dec 2019, with the middle line acting both, resistance and support throughout the course inside the channel and after the breakout from the middle line of the channel the price has repetitively surged towards it's ATH.
(ii) The Important Fibonacci Levels for every cycle seems to be the 0.382 level at which the prices retraces back after forming a new ATH.
(iii) After making an ATH, the price retraces and everytime the prices tests the Lower Trendline of the channel the demand pushes the price back to the upside with exceptionally strong momentum which unfolds the discovery of new ATH.
This type of extensive analysis is more of a speculation of the price development rather than prediction of price projected in the future.
Feel free to share your thoughts and your targets for EGLD in the comments below.
(i) The price momentum has been developing inside an "ASCENDING CHANNEL" since Dec 2019, with the middle line acting both, resistance and support throughout the course inside the channel and after the breakout from the middle line of the channel the price has repetitively surged towards it's ATH.
(ii) The Important Fibonacci Levels for every cycle seems to be the 0.382 level at which the prices retraces back after forming a new ATH.
(iii) After making an ATH, the price retraces and everytime the prices tests the Lower Trendline of the channel the demand pushes the price back to the upside with exceptionally strong momentum which unfolds the discovery of new ATH.
This type of extensive analysis is more of a speculation of the price development rather than prediction of price projected in the future.
Feel free to share your thoughts and your targets for EGLD in the comments below.
