EGLD price has been trying to surge through an interesting ascending parallel channel over the daily time frame chart. Analysts believe the EGLD price may reach $100 by the end of 2023. However, there are some upcoming hurdles on its way towards the $100 recovery level. At first, MultiversX price need to maintain the upside trend towards the upper trendline of the rising parallel channel over the daily time frame chart.
However, EGLD price is trading near the lower trendline of the ascending parallel channel and needs to gather support from the lower trendline to revert back. EGLD price must sustain and revert back towards the upper trendline of the parallel channel to register its breakout. As soon as EGLD crypto price breaks out of the rising parallel channel pattern, it may reach the $40 recovery level through the resistances at $38.00 and $39.28.
EGLD price was at $32.433966 and has lost 0.25% of its market capitalization during the day’s trading session. Trading volume has decreased by 18.20% during the intraday trading session. This demonstrates sellers are still present in the trade to pull EGLD crypto downwards. Volume to market cap ratio was at 0.0123.
Will EGLD Sustain or Get Detained?
MultiversX price prediction suggests the recovery phase of EGLD crypto as soon as it rises from the lower trendline of the Parallel channel. Nevertheless, trading volume is below average and needs to grow in favor of buyers during the intraday trading session. However, MultiversX price has slipped below the 20, 50, 100 and 200-days Daily Moving Average.
EGLD price has lost 4.89% in a week and 4.92% in a month. Moreover, MultiversX price has dropped around 25.23% in the last six months. Also, EGLD price has declined around 27.32% in the last six months and 0.90% year-to-date.
Technical indicators suggest the sustainability issues of MultiversX price. Relative strength index (RSI) showcases the downward momentum of EGLD price. RSI was at 39 and is heading towards the oversold territory.
Moving average convergence divergence (MACD) exhibits the downward velocity of EGLD cryptocurrency. The MACD line is below the signal line after a negative crossover. Investors in EGLD crypto need to wait for any directional change over the daily time frame chart.
Summary
On the daily time frame chart, the EGLD price has been attempting to burst through an intriguing ascending parallel channel. However, the EGLD price is trading near the ascending parallel channel’s lower trendline and has to acquire support from the lower trendline to retrace. However, the trade volume is below normal and should increase in favor of buyers throughout the intraday trading session. The price of EGLD has dropped 4.89% in a week and 4.92% in a month. Technical signs point to MultiversX pricing sustainability concerns.
Technical Levels
Support Levels: $32.00 and $31.65
Resistance Levels: $34.00 and $38.18
