$EGLD
EGLDUSDT — Final Support Test Before Potential Capitulation
EGLDUSDT is trading at $5.877, down over 80% from its yearly high and now testing the final major support zone between $5.80 - $6.00. This level has held as a swing low multiple times over the past two years. Price has been in a relentless downtrend, but is now compressing at this historical accumulation zone, showing signs of slowing momentum.
Trade Plan
Entry (Long): $5.80 - $5.95 (Accumulate at the historical multi-year support).
Target 1: $6.50 (First key resistance; recent breakdown point and minor swing high).
Target 2: $7.20 (Primary target; 0.382 Fib retracement of the latest downtrend leg).
Stop Loss: $5.68 (A close below the swing low and this critical support shelf).
My View
EGLD is at a "last stand" support level. This is a purely technical, high-risk bounce play based on a multi-year demand zone holding. A bounce here could spark a significant short squeeze and relief rally. However, a breakdown would likely trigger a capitulation move to new lows. Position size must be small with a tight stop.
