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- 1 The EGLD price is trending on a bear trend despite the market’s bullish price action
- 2 MultiverseX’s news of a partnership with Tencent bought a positive move in EGLD price action.
MultiverseX (EGLD) is a blockchain protocol that uses a sharding technique to offer extremely fast transaction speed. This project is a technology ecosystem for the new internet including fintech and Decentralized Finance. Multiverse’s smart contracts execution platform is capable of 15000 transactions per second, with Six-second latency with a $0.001 transaction cost. The current EGLD price is $44.00 with a change in 24-hour trading volume of 41.99 percent.
EGLD price is taking a severe correction
The announcement made recently about the partnership between MultiverseX and the Chinese tech giant Tencent has made a powerful impact on the market where the EGLD price gave a bullish rally of 21%. This partnership will help the company expand its metaverse offerings.
The change in price action did show that the buyers are in support of this partnership although it seems like this news was not enough to help Metaverse in breaking its critical resistance as after the recent bullish move Metaverse took severe resistance from the 200 EMA and gave a downturn of 22%.
Technical Analysis ( 1 Day Timeframe )
EGLD’s price is currently trading under a severe downtrend. After making a bullish rally of 20% near mid-February ELGD tried to crossover its critical resistance around 200 EMA but after taking rejection from it EGLD price gave a downturn of 22% after giving a golden crossover between 20, 50, and 100 EMA. Although the price is trading below the 200 EMA and taking critical resistance from it, chances are that the EGLD price might continue the downtrend for a bit longer.
The RSI line is currently trading on a severe downturn below the median line around 41.80 points near the demand zone while taking resistance from the 14 SMA which is trading around 52.96 points.
Conclusion
The EGLD price is currently trading at price $43.98 while the recent support for the EGLD price is at the level of $40.58 which is 10% below the current price and its next support level is around $39.28 and its current resistance level is around $46.00 while the major resistance level is at $53.00
Technical levels
Support – $40.58 and $39.28
Resistance – $46.00 and $53.00
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
