EGLD Price In Seller Hand, Targeting $20

MultiversX price is on a steady decline. Presently, the MultiversX price is down by 5.57% over the past month and according to the price action it is facing bearish pressure.

At present, the bears are in charge of the trend where they are maintaining firm command over the price action. Although the bulls attempted to take control. Despite the bullish optimism, the buyers were unable to break above 200 EMA, and bears regained supremacy over the price action on the 1-day chart.

MultiversX crypto is trading under key exponential moving averages within the bears’ grasp. The price is facing resistance from the 50 EMA on the daily timeframe. The price is facing substantial selling pressure in the supply zone which indicates that bears may push its value down further in the near future.

Technical indicators suggest that bears hold the edge over the price action. The price pattern, oscillators, EMAs, and volume are moving in tandem, giving similar signals.

At the time of writing, EGLD is trading at $24.987230 with an intraday drop of 1.82%, signaling bearishness. Moreover, the trading 24-hour volume is 3.097K and the last 10 days’ average trading volume is $7.135K.

Technical Analysis of MultiversX Crypto Price in 1-D Timeframe

At the time of publishing, MultiversX crypto (USD: EGLD) is trading above the 50 and 200-day SMAs (Simple moving averages), which are supporting the price trend.

However, if selling volume adds up, then the price might conquer supporting SMAs by making lower highs and lows. Hence, the EGLD price is expected to move downwards giving bearish views over the daily time frame chart.

The current value of RSI is 45 points. The 14 SMA is above the median line at 42 points which indicates that the MultiversX crypto is bearish. The MACD line at -0211358 and the signal line at -0.474709 are below the zero line. A bullish crossover is observed in the MACD indicator which signals strength for the EGLD crypto price.

Summary

MultiversX (USD: EGLD) technical oscillators support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the EGLD crypto price. MultiversX price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment. The current scenario requires traders and investors to be patient and look for a clear break below or above the range before making any moves and avoid the fear of missing out to minimize losses.

Technical Levels

Support Levels: $22.694153 and $19.186977.
Resistance Levels: $27.969806 and $31.476982.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions