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 (EGLD) price is currently trading at $30.59 while witnessing a gain of 0.13% intraday. The cryptocurrency price was in uptrend since mid June, forming higher lows but the bullish move was halted. As soon as price reached near $37.50, the bears started to enter the market.
Since then, there has been a significant downfall. On August 7, EGLD price formed a support at $30.80 and gained 2.30% which was due to the market leader Bitcoin showing signs of bullishness.
The support level of $30.80 was broken and MultiversX price is struggling to break below $30. The previous candle faced strong rejection from $30 level and the current candle has broken the high of previous candle.
If bears can push the price below $30, there is a possibility that price might head toward the next support level of $29 causing a downfall of roughly 3.48%. On the other hand, if EGLD price can form a support near $30, it might rise and fill the upper wick of August 20 candle and head toward $34 resistance level.
MultiversX Network Activity
The daily active addresses peaked on July 20, reaching 32,370. Since then, there has been a notable drop. The daily active addresses have dropped 26.8% in the past 30 days reaching 11,724. The daily transactions have also dropped by 26% to 56,070 in the past 30 days. Daily transactions peaked on July 21.
The total value locked witnessed a surge of 75% in last 30 days, amounting to $97.5 million between July 18 and July 19. The 24 hour trading volume of MultiversX dropped by 22.74% while market cap increased by 1.30%.
Will EGLD Price Fall Below $30?
The cryptocurrency price has dropped below 20,50,100 and 200-day exponential moving averages, indicating bearish momentum. Chaikin money flow score experienced an increase from -0.24 to -0.12 as of now indicating that there is rise in participation bulls but there is still weakness left in the market.
The relative strength index has also dropped heavily and currently trades 33.88, nearing the oversold zone, indicating strong bearish momentum. The bollinger bands have also started to contract indicating decrease in volatility.
The long/short ratio is 0.80 with 44.71% longs and 55.29% shorts indicating higher pressure from selling side and higher possibility that price might break $30.
Conclusion
The market structure and price action of MultiversX is strong bearish and the price is hovering near major support level. Technical parameters indicate that price is in strong bearish momentum.
Technical levels
Major support: $29 and $21.50
Major resistance: $37.50 and $44.50
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.
Source: https://www.thecoinrepublic.com/2023/08/13/multiversx-price-prediction-egld-tvl-surges-75-in-last-30-days/