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This means there is still plenty of momentum, so trying to pick up value at this point is a fool’s errand.
Elrond had a slightly negative trading session on Wednesday as we continue to see the crypto markets fall apart. Elrond has lost 66% of its value over the last several months, right along with the rest of the markets. At this point, there is no differentiation between Bitcoin or anything else, only that you are either Bitcoin, or you are nothing.
This is not to say that Bitcoin is something that is doing well, just that it has a high likelihood of existing over the next couple of years. Elrond probably will as well, but at this point, it looks as if we still have further to go. The $40 level almost certainly will offer a little bit of psychological support, and if we were to break down below there, then I think it brings even more selling. This is an area that previously had been important to traders, so pay close attention to it. If we see the $40 level get broken through to the downside, that might be it for several months.
In that scenario, Elrond drops quite drastically, perhaps reaching the single-digit area. This would be an enormous breakdown from the previous all-time highs near $550. In that scenario, you need to start paying attention to a lot of fundamentals out there when it comes to crypto, but quite frankly there’s nothing out there to pick it up. As long as we continue to see a lot of uncertainty when it comes to risk appetite in the world, the smaller crypto markets are going to continue to be absolutely decimated.
That being said, if we break down from here, then it’s likely that we could see some type of base-building process, but Elrond is something that should be a small part of your portfolio, not something that you put a ton of money into. That being said, if we do rally from here, it’s likely that the $80 level will offer a significant amount of resistance, especially with the 50-day EMA breaking to it, and offering a bit of dynamic selling pressure. Speaking of that selling pressure, you can see that the 50 and the 200-day EMA indicators are spread out and falling. This means there is still plenty of momentum, so trying to pick up value at this point is a fool’s errand.
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