Technical analysis by CriptoPedia about Symbol EGLD: Buy recommendation (3/9/2023)

EGLD against USDT is currently in an accumulation phase of 8 months and has printed a descending channel. It is currently in the middle of this channel. If we draw a Fibonacci Retracement from the Swing Low ($32) to the Swing High ($54.2), analyzing the period being 2023, we are around $38-39, which is at the 61.8% level.We are preparing a buy order at this level, and we are also considering a DCA of around $34-35. In the event that the swing low of $32 is lost, we will wait for the validation of a new swing low and the closing of a candle above the MA21 on a 1-day timeframe.We anticipate a target towards the MA233 zone ($47), and once this descending channel is broken, we will set our take profit towards $65-75.Typically, this type of accumulation requires great patience and disciplineclose to breakoutover 300 days of accumulation