The Elrond cryptocurrency (EGLD) rose above the crossovers of the price action averages on March 15, indicating that the odds of a resumption of the uptrend are high and there is a lot of buying.
The 20-day Price Action Averages (EMA) crossover at ($151) has started to gradually rise and the RSI has moved into positive territory, indicating that the doors are open for a rebound.
If the price breaks above the $169 level, the coin can resume its upward move to the $200 level, where it is expected to encounter stiff resistance.
Conversely, if the price breaks below the 20-day EMA crossover, such a move would suggest that the recent break above the 50-day SMA crossover ($155) could act as a trap. The coin could drop to $125 again.
The bears were able to push the price down after the bulls managed to push it above the overhead resistance at $160.
Although the price dipped below the 20-day EMA crossover, the coin did not enter a downward move and this indicates strong buying at lower levels.
As the bulls pushed the price above $160 and attempt to resume the up move, the price may rally and close above $169, this positive outlook will be nullified if the price falls below $152.