Will EGLD Price Hit $50 Soon?

According to another crypto analyst, Strong on Twitter mentioned that the market is in the depression moment where a lot of investors and traders are going out from the market. But sooner after they leave, the market will lead to a bull run according to the psychology of the market. He even compared it with the Elrond chart, where we can clearly see the market state of Elrond.

MultiversX (EGLD) Current Market Status

EGLD is ranked in the 44 position based on its market capitalization, according to CoinMarketCap. The current circulating supply of EGLD’s native token is at 25,336,547 EGLD, while its total supply is 25,341,699. 

Moreover, EGLD is priced at $44.61, experiencing a 13.31% surge in seven days. With a market cap of $1,130,320,849, EGLD also witnessed a 5.34% fall in 24 hours. Moreover, EGLD is currently facing a fall in its demand as the trading volume, valued at $119,335,447, experienced a tumble of 27.76%% in one day.

Some of the crypto exchanges for trading EGLD are currently Binance, OKX, ByBit, Kraken, and KuCoin. 

Now, let’s dive further and discuss the price analysis of MultiversX native token, EGLD, for 2023.

MultiversX (EGLD) Price Analysis 2023

Will MultiversX’s most recent improvements, additions, and modifications help its price rise? Moreover, will the changes in the crypto industry affect EGLD’s sentiment over time? Read more to find out about EGLD’s 2023 price analysis.

MultiversX (EGLD) Price Analysis – Bollinger Bands

The Bollinger Bands is a technical analysis tool that is used to analyze price movement and volatility. Bollinger Bands (BB) utilizes the time period and the stand deviation of the price. Normally, the default value of BB’s period is set at 20. The Bollinger Bands consists of upper and lower bands which can be used together, along with the middle line(simple moving average), to determine whether the price would rise or fall. 

The upper band of the BB is calculated by adding 2 times the standard deviations to the middle line, while the lower band is calculated by subtracting 2 times the standard deviation from the middle line. Based on the empirical law of standard deviation, 95% of the data sets will fall within the two standard deviations of the mean. As such, the prices of the cryptocurrency, when the Bollinger bands are applied should stay within the upper and lower bands 95% of the time the concept behind this.

Looking at the charts, EGLD had crossed below the lower band, which is considered the oversold region. After residing in the bottom half and touching the lower band of the Bollinger Bands, EGLD crossed above the SMA and the recent candlesticks are currently trading in the top half of the Bollinger Bands, which is the bullish signal for the altcoin. Moreover, ELGD also traded above the upper band, which is the overbought region. There is a possibility that ELGD could face a slight fall if the candlesticks continue to trade above the upper band of the indicator. 

Furthermore, the bands of the Bollinger Band have started to expand, indicating that EGLD could experience high volatility over time. If the distance between the bands continues to widen and the candlesticks trade in the overbought region, there is a possibility that the altcoin could fall back into the bottom half of the indicator. If the EGLD indicators continue to fall back to the lower half, the altcoin could be traded under a bearish market for some time.

MultiversX (EGLD) Price Analysis – Relative Strength Index

The Relative Strength Index (RSI) is a momentum indicator utilized to find out the current trend of the price movement and determine if it is in the oversold or overbought region. Traders often use this tool to make decisions about when to buy or sell the tokens. When the RSI is often valued below or at 30, it is considered an oversold region, and a price correction could happen soon. Moreover, when the RSI is valued above or at 70, it is considered as the overbought region, and traders expect the price could fall soon.

The RSI is valued at 62.54, which indicates that EGLD is experiencing a strong trend. Moreover, the RSI has also crossed way above the SMA, which further confirms that EGLD is currently trading in a bullish sentiment. The RSI has shot up and remains to be pointed upward, indicating that there is a high possibility that EGLD could reach the overbought region. If the traders continue to purchase EGLD, then, the RSI would be residing in the overbought region for some time, before it faces price retracement.

However, if there is a trend reversal, then, there is a possibility that the RSI’s value could decrease. Moreover, the RSI could go below the SMA, which is the bearish sentiment, if its value continues to decrease for a long time.

MultiversX (EGLD) Price Analysis – Moving Averages

Looking at the charts, EGLD’s candlesticks have reached above the 200MA and the 50MA. However, it is not confirmed if the EGLD will continue to remain in a bullish area. When we look closer, EGLD was trading below the indicators. However, whenever EGLD traded during the bullish signal, the gap between the 200MA and 50MA continued to reduce. If EGLD continues to trade above the indicators, then, there is a high possibility that a golden cross could be formed where the 50Ma crosses above the 200 MA.

However, if EGLD continues to trade below the 50MA and the 200MA, then, the gap between the indicator may continue to widen.

MultiversX (EGLD) Price Analysis – Moving Averages Convergence Divergence

The Moving Average Convergence Divergence (MACD) indicator can be used to identify potential price trends, momentums, and reversals in markets. MACD will simplify the reading of a moving average cross easier. The MACD indicator is calculated by subtracting the long-term EMA (Exponential Moving Average) indicator from the short-term EMA. Normally, the default values for the MACD are set at 12-day EMA, 26-day EMA, and 9-day EMA. Moreover, MACD is considered a lagging indicator as it cannot provide trade signals without any past price data. 

Traders have reported that occasionally the Moving Average could create false signals about the price momentum, however, MACD plays an important role as it can confirm the trends and identify the potential reversals.

Furthermore, there are two methods through which traders can speculate the price’s momentum: the crossover method and the histogram method. In the crossover method, when the MACD line crosses above the signal line, the trend could change from a downtrend to a long trend. However, if MACD crosses below the signal line, this could indicate the start of a downtrend.

In the Histogram method, the bars above the signal line indicate an uptrend. Meanwhile, the Histogram bars below the signal line indicate a bearish trend.

The charts indicate that EGLD is experiencing a bullish sentiment as the MACD line is above the signal line. Moreover, this crossover by the MACD line could be a positive sign for the altcoin as it’s a confirmation that EGLD could continue to rise. There are green bars forming on the histogram model, which confirms the theory that EGLD could continue to rise up. 

However, if the trend reverses, then, the green bars would gradually reduce and the distance between the MACD line and signal would also decrease, thus, ending the EGLD’s short bullish trend.

MultiversX (EGLD) Price Prediction 2023 – 2030 Overview

MultiversX (EGLD) Price Prediction 2023 

EGLD is currently trading between the Weak High region and the Support region. Earlier, the candlesticks were trading in the Support region, however, it broke through the Support and experienced a surge. As indicators confirm that there could be a possibility of an uptrend over time,  EGLD could soon reach the Weak High region and even beyond. If EGLD breaks beyond the Weak High region, then, there is a high possibility that the altcoin could reach the Resistance level. 

However, if EGLD’s trend reverses immediately, then, there is a high possibility that the altcoin fall back in the Support realm or go even below it.

Meanwhile, the forecast for EGLD remains to be bullish and is expected to reach beyond the level of $60.32. The bearish price prediction for EGLD ranges from $38.32 to $40.31.

MultiversX (EGLD) Price Prediction – Resistance and Support

The chart above shows that the price of EGLD has decreased in the past few months. Moreover, the price of EGLD has fallen by 3.20% in the past 24 hours after a surge during the week. However, there are signs of a trend reversal. If the trend reversal happens, EGLD could be running with the bulls, breaking its Resistance levels of $60 and $90.

However, if EGLD falls, then, it could reach the break the $38.32 to $40.31 support 1 level, as the bears may seize control and dethrone EGLD to an downward stance. In simple terms, the price of Elrond might fall almost $40.31.

MultiversX (Elrond) (EGLD) Price Prediction 2024 

MultiversX (EGLD) price can rise to incredible heights, peaking at $90. This is only feasible if the market continues its upward path and only if EGLD breaks through the past psychological resistance levels.

MultiversX (Elrond) (EGLD) Price Prediction 2025

EGLD price might grow to $126 during the next three years. Furthermore, hitting this level may not be so tough for EGLD because the new medium, short-term, and long-term price objectives for purchase or sell orders, may be discovered. 

MultiversX (Elrond) (EGLD) Price Prediction 2026

EGLD price might grow to $161 during the next four years. Furthermore, hitting this level may not be tough for EGLD because the new medium, short-term, and long-term price objectives for purchase or sell orders may be discovered. 

MultiversX (Elrond) (EGLD) Price Prediction 2027

EGLD price might soar to $205 in the next five years. Furthermore, hitting this level may not be difficult for EGLD as other mediums, such as short-term and long-term price objectives for purchase or sell orders, may be discovered.

MultiversX (Elrond) (EGLD) Price Prediction 2028

In the next six years, EGLD’s price could rise to $251. More so, reaching this level might be easy for EGLD as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. 

MultiversX (Elrond) (EGLD) Price Prediction 2029

In the next seven years, EGLD’s price could rise to $298. More so, reaching this level could be easy for EGLD as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. According to the forecast, EGLD has a strong chance of reaching the previous ATH.

MultiversX (Elrond) (EGLD) Price Prediction 2030

In the next eight years, EGLD’s price could rise to $347.64. More so, reaching this level could not be difficult for EGLD as an additional medium, short-term, and long-term price targets could be found to purchase or sell orders. According to the forecast, EGLD has a strong chance of reaching the previous ATH.

MultiversX (Elrond) (EGLD) Price Prediction 2040

According to our long-term MultiversX price estimate, EGLD prices could reach a new all-time high this year. If the current growth rate continues, we could anticipate an average price of $720 by 2040. If the market turns bullish, the price of MultiversX could go up beyond what we predicted for 2040.

MultiversX (Elrond) (EGLD) Price Prediction 2050

According to our MultiversX forecast, the average price of EGLD in 2050 might be above $1580. If more investors are drawn to MultiversX between these years, the price of MultiversX in 2050 could be far higher than our projection.

Conclusion

EGLD has been part of the watch-out list for many investors as it aims to make its mark in the blockchain industry. If investors continue to show interest in EGLD and add these tokens to their portfolio, then, it could continue to rise up. EGLD’s bullish price prediction shows that it could pass beyond the $60.32 level. Moreover, EGLD could surpass the $1500 level by the end of 2050. 

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Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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