"EGLD eyeing $27-$28 support—bounce to $35, $40, or $55? Support Zone Around $27-$28:
There’s a clearly marked order block around the $27-$28 range, indicating a region of significant demand.
Recent price action suggests bearish momentum leading to this zone, which may act as a strong support if tested.
Reversal Potential:
If the price finds support and reverses from the $27-$28 area, it could confirm this zone as a critical demand level.
The RSI is currently near the oversold region (~36), suggesting that bearish momentum might be weakening, aligning with a potential reversal.
EMA Dynamics:
The 50 EMA (yellow) and 200 EMA (pink) are above the current price, indicating a bearish trend.
For a sustainable uptrend, the price would need to reclaim these EMAs.
Targets Post-Reversal:
$35: First target near the 50 EMA, where sellers may initially step in.
$40: A significant resistance zone tied to recent liquidity and order block rejection.
$55+: Long-term target aligned with the previous peak, indicating a return to a bullish trend.
Strategy:
Wait for price confirmation in the $27-$28 zone (e.g., bullish candles, RSI divergence).
Track volume and price strength as it approaches $35 for early signs of rejection or continuation.
Longer-term positions could aim for $40 and $55, provided the trend flips bullish.
