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- 1 MultiversX price currently trades at $24.82 with a loss of 0.04% during the intraday session.
- 2 EGLD price slipped below 20, 50, 100, and 200-day exponential moving averages.
- 3 The year-to-date return of MultiversX is -24.33%.
MultiversX (EGLD) price has witnessed a strong decline after the break of the uptrend which was initiated during the middle of June. The cryptocurrency price has been performing zone-to-zone breakout.
Recently, the price broke the major support level of $29 and melted to form a support near $26. EGLD price then retested the $28 and melted further to form a support at $24.70. Currently, the asset has been hovering in the range of $24.70 and $26.50.
The previous candle closed as a bearish candle with a long wick to the downside and a small body indicating that the bulls have started to enter the market. The current candle is bullish and is headed in the direction of breaking the high of the previous candle.
If the current candle shatters the high of the previous candle, the price might retest the resistance level of $26.50. On the other hand, if the cryptocurrency price breaks the support level of $24.70, it might melt down to $22.
MultiversX Chain Activity
The daily transactions of MultiversX peaked on July 21, touching the 151,990 mark since then MultiversX has experienced a strong decline. In the last 90 days, there has only been an increase of 1.4%, reaching 54,741. The daily active addresses have also witnessed a drop of 15.3% in the last 90 days, coming down to 10,936.
The daily active addresses crossed the 30,000 mark on 20 July 2023, followed by a sharp decline. The total value locked has seen significant growth since July, rising from $54.45 Million to $84.71 Million (as of now). TVL has surged 47.8% in the last 90 days.
Will EGLD Price Fall To $22?
The cryptocurrency price has slipped below 20, 50, 100, and 200-day exponential moving averages, indicating bearish momentum. The 20-day EMA has been acting as a resistance to the EGLD price.
Chaikin money flow score has advanced above the 0 mark and currently trades at 0.13, suggesting strength in the market. The relative strength index has entered into oversold zone and has been hovering in it since September 1. RSI trades at 28.22 showing the chances of short-term pullback.
The Bollinger bands have also started to contract indicating a decrease in volatility. The long/short ratio is 1.09 with 52.26% longs and 47.74% shorts suggesting a higher number of positions from the buying side in the last 24 hours.
Conclusion
The market structure and price action of MultiversX is bearish after the price breaks the trendline. While various indicators suggest the possibility of short-term recoveries and relief rallies, the overarching trend remains one of sustained downtrends.
Technical levels
Major support: $24.70 and $22
Major resistance: $26.50 and $28
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
