Will the EGLD Price Hit $80?

The MultiversX price is gaining momentum and broke above the 20, 50, 100, and 200-day EMAs on the daily time frame, indicating bullishness in the previous trading sessions. The technical chart shows a breakout of the falling pattern with its neckline breached as the crypto had a sharp upside momentum.

The crypto has tested the demand zone near $50 multiple times, finding support and bouncing back. Bulls have regained their strength and are aiming for the $70 level in the upcoming trading sessions.

The chart structure shows a volatile movement in the previous months, with the crypto facing multiple rejections from the supply range of $80. The lower levels near $50 acted as a support region and the crypto bounced from there, making the price above the key EMAs.

Similarly, the EGLD crypto’s trajectory shows that beyond $80, the zone is bullish, and a rally could be seen. Yet, if further rejection takes place on the chart, the price will continue to trade in the negative zone. Similarly, below $50, bearishness could be extended.

At press time, MultiversX crypto was trading at $57.523 with an intraday minor loss of 3.05% breaking above the key EMAs, showing bullishness on the charts. Moreover, the intraday trading volume is 27.88 Million and the market cap of MultiversX crypto is 1.52 Billion.

Technical Analysis of the MultiversX Crypto Price in 1-D Timeframe

Currently, the MultiversX crypto (USD: EGLD) is trading above the 50 and 200-day DMAs (Daily moving averages), which are supporting the price momentum.

Moreover, if buying volume adds up, the EGLDUSD price might support bullish momentum by making higher highs and new highs. Hence, the multiverse price is expected to surge upward giving a bullish outlook over the daily time frame chart.

The current value of RSI is 56 points. The 14 SMA is below the median line at 43 points, which indicates that the MultiversX crypto is bullish.

The MACD line at -1.015707 and the signal line at 1.914604 are heading above the zero line. A bullish crossover is observed in the MACD indicator, which signals strength in the momentum of the EGLD crypto price.

Short-Time Frame Analysis

MultiversX crypto has shown buyers’ strength, and profit booking in the crypto was noted on the short-term charts. Moreover, the price traded above the key EMAs, which shows further strength in the crypto price. 

The RSI curve is close to the overbought region at 70.97 and a negative outlook was noted, indicating bearishness in the crypto. The MACD indicator also continued to form green bars and a bullish crossover was noted, which signals bullish moves in upcoming sessions.

Summary

MultiversX (USD: EGLD) technical indicators support the bullish momentum. MACD, RSI, and EMA all demonstrate positive signals, suggesting that the uptrend is likely to continue. On the 1-day time frame, price action suggests investors and traders are bullish. There is a bullish perspective reflected in the price action at the moment. However, investors and traders should avoid FOMO by waiting for proper setups before moving forward.

Technical Levels

Support Level: $52.86.

Resistance Level: $60.00.

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

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.