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MultiverseX Price Prediction: EGLD Price Makes a Rebound

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MultiverseX price prediction is presenting an ominous picture regarding the future trend. Despite optimism in the overall market, the EGLD price is making a lower high-and-low pattern which suggests that the MultiverseX price is not out of the bear’s grip yet. It is presently making a narrowing wedge pattern where the EGLD token is near the demand zone.

EGLD token price will need to initiate the breakout with substantial momentum in order to make a bullish recovery. The price of MultiverseX is making a small consolidation channel which may result in a positive breakout according to historical price action.

MultiverseXPrice Prediction: Technical Analysis on Daily Chart

MultiverseX Price Prediction: EGLD Price Makes a Rebound
Source:  EGLD/USDT by TradingView

The EGLD price action is suggesting that the buyers are actively making continuous efforts to break out of the bears’ hold. They attempted to make a breakout through the 200 EMA with persistence but could not succeed.

The price action suggests that the MultiverseX price may continue to move within the narrowing wedge pattern unless it gains the support of buyers to make the breakout. 

The current RSI value of the EGLD token is 48.67 points. The RSI line is presently taking support from the 14 SMA levels around 31.40 points.

Technical Analysis on Daily Chart EGLD/BTC 

MultiverseX Price Prediction: EGLD Price Makes a Rebound
Source:  BTC/USDT by TradingView

In the EGLD/BTC pair, the price is seeing a sharp decline in comparison to the EGLD/USDT pair. The price is moving within a descending channel where it is observing a steady depreciation in its value. According to the price action, the EGLD token could decline by 20% in its value within the next few weeks. The 200 EMA line is acting as a major resistance for the EGLD price. 

The oscillators indicate the MultiverseXtoken is undervalued. The oscillators are consolidating near the demand zone. The consolidation phase suggests that the reversal may not be immediate. 

Conclusion

According to the analysis, the MultiverseX price prediction is presenting an ominous picture. The price action suggests that MultiverseX may continue to move within the narrowing wedge pattern unless it gains the support of buyers to make the breakout. The price action will require substantial support from the buyers in order to make a bullish breakout.

Technical Levels:

Support -$20.0

Resistance – $30.0 and $40.0

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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