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$EGLD time to fly

$EGLD is still stuck in a clean descending channel. Lower highs, lower lows. Bears have controlled the structure so far. Price just tagged the lower boundary and bounced. That shows short term demand stepping in at this zone. This move looks corrective, a rebound toward the channel midline or upper resistance, not a trend shift yet. Unless EGLD breaks and holds above the channel, the bigger picture stays bearish. Relief bounce or trap. Structure will decide. 🔥

$EGLD/USDT – SHORT SETUP Why this setup? ✓ HTF structure remains bearish ✓ Expect PDH liquidity sweep before reversal ✓ Price tapping into bearish OB ✓ MSS + POI (FVG + OB) confluence ✓ Clear draw on downside liquidity Entry Zone: $6.80 | SL: $7.03 | Targets: $6.26/$6.15 Execution Plan: Wait → Let liquidity get grabbed → Confirm MSS → Then short NFA & Always DYOR

🔹Market Structure Overview EGLD has been trading inside a clean, well-defined descending channel for several months. Each attempt to break above the upper trendline has been rejected, confirming sellers are still in control. The recent major dip in October tapped perfectly into the lower boundary of the channel (green circle), showing that buyers are defending that zone — but only enough for temporary relief. 🔹Current Price Action Price is sitting around $7.57, showing a weak bounce structure with no strong higher lows. The market is still respecting the mid-range of the channel, and every rally has been shallow, indicating limited bullish momentum. The volume also appears weak during upside attempts, which reinforces that bulls are not dominating. 🔹Major Resistance Levels to Watch – The first real challenge lies around $10–$11, where horizontal resistance meets the descending channel’s midline. – Beyond that, $14 becomes the next major ceiling — this level has acted as strong historical resistance and aligns with the upper descending trendline. – A major breakout above $18 would signal a full trend reversal, but current structure does not show enough momentum yet. 🔹Key Support Levels – The lower boundary of the channel around $6–$7 remains the strongest support. This area has repeatedly acted as a “demand zone” where aggressive buyers step in. – A breakdown below this region opens the door to $5.00 and potentially $4.20, the deeper bearish targets. Trend Interpretation (Pro Trader View) EGLD is still trapped in a macro downtrend. Every rally is being sold into, and the channel structure remains intact. The big October wick shows panic but also strong reaction — meaning big players are still accumulating small positions at lower levels, but not enough to reverse the trend yet. For a trend reversal confirmation, EGLD needs: – A breakout above the descending trendline – A daily close above $11 – A higher high and strong volume spike Until then, the market remains bearish-to-neutral. What’s Likely Next? Price is currently consolidating inside a tight range. Two scenarios stand out: Bullish Scenario (Less Likely Right Now): If EGLD pushes above $10–$11 with strong momentum, it can rally toward $14, then test the $18 trendline — a complete mid-term recovery move. Bearish/Continuation Scenario (More Likely): If sellers remain in control, EGLD could retest the lower channel support near $6.50–$7 and even sweep liquidity toward $5 before any bigger reversal happens. 🔹Final Outlook EGLD is still in a clear downtrend, with every bounce struggling for follow-through. Smart money will wait for a confirmed breakout above the $11 zone before flipping bullish. Until then, any move up is still a corrective rally inside a bearish structure.