- Elrond price reclaimed 50 day EMA and attempting to break the swing high hurdle at $46.00
- EGLD price recovered 30% approx from the 52 week low at $32.31 and rising upwards while forming higher high candles
MultiversX crypto prices are trading with bullish cues and bulls are attempting to break out of the swing high hurdle at 46.00. However, it will be difficult for bulls to prove their dominance on the higher levels. According to Coinglass, In the last 12 hours the EGLD Long and Short ratio stands at 0.99 denotes the neutral sentiment between bullish and bearish positions. Currently, The pair of EGLD/USDT is trading at 41.84 with an intraday gains of 2.40% and the 24-hour volume to market cap ratio at 0.0273
Will the EGLD hold the $40.00 breakout ?
On a daily time frame, EGLD prices are reversing upward with the positive momentum and bulls are trying to hold the prices above the 50 day EMA. In November prices found stability and traded in the narrow range between $40.00 to $46.00 but sadly in the mid of December bears took the control and dragged the EGLD prices below the lower range and hit a fresh 52 week low at $32.31
The Elrond prices had consolidated for the past couple of days near the 52 week low with the bearish bias but luckily market sentiment improved and some genuine buyers came forward and tried to reverse the trend in the favor of bulls. Recently, prices had broken out of the $40.00 hurdle level which had created a hope for bullish investors and it seems like bulls are likely to continue the upwards momentum. However, on the higher side $46.00 will act as an immediate hurdle for bulls followed by the next hurdle at $60.00 level.
The EGLD crypto prices had tried multiple times to hold the prices above 50 day EMA but faced resistance from the higher levels which shows the bear dominance, Therefore if any selloff triggered in the coming weeks then $35.00 and $32.00 will act as a support level for bulls. The MACD had generated positive crossover indicating the bullishness may continue for some more time whereas the RSI curve at 72 denotes mild overbought sentiments.
Summary
The Elrond prices had shown meaningful recovery from the 52 week low and succeeded in reclaiming the 50 day EMA which has created a positive hope for the investors and buyers are expecting the price to continue the upward momentum.The technical analysis suggests that the short term trend is reversing in the favor of bulls but the confirmation will come when bulls will be able to break out of $46.00 hurdle level. Therefore, it’s better to wait for the confirmation for building up long positions. However, if the price drops below $32.00 the trend reversal will become doubtful.
Technical levels
Resistance levels : $46.00 and $60.00
Support levels : $32.00 and $25.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and 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/2023/01/19/multiversx-egld-price-prediction-egld-recovered-30-are-the-bulls-returning-back-on-the-track/