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- 1 MultiversX price (EGLD) is up by 0.84% in the last 24 hours and is currently trading at $25.02.
- 2 MultiversX price (EGLD) is declining forming a bullish flag pattern over the daily chart.
The EGLD price has been in a continuous declining trend losing all the gains and continuing with the further decline forming an interesting channel pattern. The price is in a continuous decline after a short-term surge in January 2023. Since then the price has wiped out nearly 50% in the last 6 months and more than 30% declined in the last 3 months.
Recently, the price tried a recovery from the $30 level after the breakdown of the previous swing low and surged higher but failed to break above the channel pattern and declined. The sellers took the price hike as an opportunity to sell on the rise and short-sell aggressively which again dumped the price back eroding the gains to form a new swing low.
MultiversX (EGLD) is a blockchain platform that aims to power the new internet economy, decentralized applications, and enterprise use. It claims to be the first blockchain network that has implemented state, network, and transaction sharding, which enables high scalability.
MultiversX Price Prediction Using Price Action Strategy
The EGLD price may decline more as the bers are dominating at the current moment. The price could not sustain above the key moving average 50 EMA indicating the weakness in the crypto in the short term.
Moreover, the price is trading in a parallel channel pattern and declining suffering rejections from the upper trendline of the channel. The short-term outlook of the price trend states that the price may remain bearish and keep declining until it remains in the channel. The long-term trend is already bearish which is a negative factor for the buyers.
However, the breakout of the channel may give some hope for buyers to enter the game. However, it requires the price to sustain at the lower levels and halt the ongoing trend to make a trend change.
Also, the volume analysis shows that the volume received is less than the average volume indicating the weakness in the market. The EGLD token has received a $12.12 Million volume in the past 24 hours which is nearly 0.02% less than the past day. The price may keep correcting until it gets enough buyers to consolidate at the lower levels and surge higher.
EGLD Price Forecast from Indicators’ point of view
As per the EMA analysis, the EGLD price could not sustain above the 50 and 200 EMA indicating the weakness on the daily charts.
RSI has entered the oversold region indicating the dominance of sellers in the market at the moment. MACD lines have made a bearish crossover. Also, Histogram bars are being formed below the mean line with increasing height indicating the bearish trend may continue to prevail in the short term.
Conclusion
EGLD’s price is in a downtrend, losing nearly 50% of its value since January 2023. The daily chart shows a parallel channel pattern, with rejections from the upper trendline. Also, the price failed to stay above the 50 EMA, indicating short-term weakness. The current price prediction states that the price may fall more as long as it stays in the channel. The long-term trend is also bearish. The price may have some hope for the buyers if it breaks out of the channel pattern and shows some bullish signs, but this requires stabilization at the lower levels. The volume analysis shows low volume, indicating weakness in the market.
Technical Levels
- Support levels: $24.3 and $20.2.
- Resistance levels: $33.1 and $38.2.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
