EGLD Price Defends $30.00; Will $30.00 Act as a Strong Base?

EGLD price prediction remains bullish and suggests a significant rise is possible in the long run. It recovered 20% approx from the recent low and raising hopes for a bullish trend reversal.

MultiversX Price is trying to climb above the 50 day EMA to reinstill confidence in the investors. The sellers seem to be active and are trying their best to reject the prices.

EGLD price tried multiple times to break out of the 200 day EMA amid strong buying volume but it turned out to be a bull trap and prices faced rejection. Slowly and steadily, EGLD crypto price continues to decline by forming lower lows with sellers establishing dominance.

In mid June, EGLD crypto price witnessed a panic sell off and dropped below the crucial support of $30.00. It disturbs the sentiment of long term investors. It hit a yearly low at $28.20. The sellers failed to give the follow through momentum and the downfall halted near the lows.

EGLD price is trading at $34.49 with an intraday rise of $0.73%. The 24 hour volume to market is 0.92%. The EGLD/BTC is trading at 0.001140 with an intraday rise of 0.71%. This pair is in a bear grip and does not show any signs of reversal.

Will EGLD Price Reach $40.00 in Recovery?

EGLD price is recovering but the probability of V-shaped recovery remains low. It has corrected 40% from the recent swing high So the prices are expected to consolidate in a range and form a base before recovering the losses.

The visible range is between $28.00 to $39.00. If the buyers succeed to break out of the higher range, then a sharp rise toward $50.00 is possible. The bulls will take control from sellers if price sustains the $40.00 level. Till then, the price is expected to remain this range.

The technical analysis suggests that EGLD price is in the recovery mode and probability of reaching $40.00 is high.

MultiversX Price Analysis on Weekly Time Frame

MultiversX Price formed a Doji candle near $30.00 in a weekly time frame. Later, the price gave a follow up momentum and formed a bullish engulfing pattern. It indicates that the buyers are active at the lower levels and that $30.00 will act as a strong support in the coming months.

The MACD curve is above the zero line but sloping sideways indicates prices are likely to enter consolidation. The RSI at 51 denotes neutral territory and equal level of tug of war between buyers and sellers.

Conclusion

EGLD price prediction suggests a rise and bulls seem to be returning back to track. The MultiversX Price holds the $30.00 level and showed a decent bounce but the price will pick up momentum only above $40.00.

The technical analysis says, EGLD price has formed a strong base near $30.00 and downside risk seems limited.

Technical levels

Resistance levels: $40.00 and $50.00

Support levels: $28.00 and $24.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.