Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
MultiversX price currently trades at $25.06 with an intraday surge of 2.26%. The price currently hovers near the 50-day EMA. The price has been hovering in the 15% range and is unable to find a clear direction as of now. The EGLD crypto has received some good news that might attract more investors.
Recently, Google Cloud and MultiversX, which is a blockchain infrastructure firm, have partnered to enhance their Web3 presence. This partnership will allow Web3 projects and users to access powerful data analytics and artificial intelligence tools within the Google Cloud ecosystem.
Moreover, The integration of Google Cloud’s BigQuery data warehouse with MultiversX will enable developers to easily access data about blockchain transactions, smart contracts, and on-chain analytics. It will also help ecosystem builders to use advanced tools and services on Google Cloud to bring high performance and scalability to decentralized applications.
However, the EGLD price hasn’t been much affected till now. The price trend analysis of the MultiversX crypto witnesses a consolidation of over 52 sessions. The price hovers in the 15% range and is unable to decide a trend.
MultiversX Price Consolidating In 15% Range
The volume analysis shows that the MultiversX crypto price has a trading volume of $68.7171 Million in the past 24 hours which is 196.7% more than the last day. The EGLD crypto has a market cap of $654.18 Million and ranks 52nd in the crypto market. The volume-to-market-cap ratio is 9.95%; indicating mild volatility in the market.
The breakout or breakdown of the price on either side may decide a clear direction and the price may show a trending move. The volume is continuously rising which is the early sign of a clear trend likely to take place.
Technical Indicators Show an Indecisive Trend
MACD lines are showing an optimistic crossover. The histogram bars are formed above the mean line of increasing height, indicating the bulls regaining momentum and the price may break above.
The EMA analysis shows that the EGLD price currently hovers near the 50-day EMA indicating bulls struggling to dominate in the short term. The breakout above the 50-day EMA may trigger a short-term price hike.
Conclusion
MultiversX crypto price is consolidating near the 50-day EMA, trading at $25.06 with a 2.26% gain. The price is in the 15% range and awaits a breakout or breakdown. The volume is rising, indicating a possible trend change.
Recently, MultiversX crypto has partnered with Google Cloud to enhance its Web3 presence and access data analytics and artificial intelligence tools. The partnership may attract more investors and boost the price. The MultiversX crypto has a market cap of $654.18 Million and ranks 52nd in the crypto market.
Technical Levels
- Support Levels: $22.55 and $20.28
- Resistance Levels: $26.65 and $33.19
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/21/how-will-google-clouds-partnership-impact-the-multiversx-price/