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- 1 MulltiversX price currently trades at $24.62 while witnessing a gain of 0.65% during the intraday trading session.
- 2 EGLD price trades below 20,50,100 and 200-day exponential moving averages.
- 3 The year-to-date return of MultiversX is -24.94%.
MultiversX (EGLD) price has been in a downtrend, forming lower lows after the break of the bullish rally initiated during mid-June 2023. The cryptocurrency price fell more than 38% from the high of $38. EGLD’s price broke the bullish trend line and has currently formed support at $22.60.
After the formation of support, the cryptocurrency price has been printing bullish candles for the last three days. EGLD price is headed toward the $25 psychological level. The current candle is also bullish and is headed toward $25.
If the asset price can break and close above $25, it might revisit $26.50 in hopes of breaking it and potentially rising toward the next resistance level of $28. On the other hand, if EGLD price rejects $25, it might melt down back to $22.60.
The market capitalization of MultiversX has increased by 4.65% to $638,282,426 at press time. The 24-hour trading volume has surged 0.39%. EGLD price is down 95.46% from the all-time high of $542.58 and up 276.78% from the all-time low of $6.54.
Network Activity Of MultiversX
In the last three months, the daily active addresses peaked on July 20, 2023, reaching 32,370. Since then, there has been a significant fall. The daily active addresses have declined 8.4% to 10,404 in the last three months.
The daily transactions have declined more than 50% in the last three months, falling to 39,156. However, the total value locked witnessed a notable surge, rising 70.4% in the past 90 days, reaching $84.9 Million. The decentralized exchange volume has also increased by 1.7%.
Will EGLD Price Rise Above $25 Level?
The cryptocurrency price has dipped below 20,50,100 and 200-day exponential moving averages, suggesting momentum. However, if the price sustains its current bullish momentum, it will soon cross the 20-day exponential moving average positively.
The Chaikin money flow score has jumped above the 0 mark and currently trades at 0.15, indicating strong strength and capital inflow in the market. The relative strength index trades at 42.28, rising from the oversold zone, implying strong participation of bulls in the market.
The Bollinger bands have started to expand suggesting an increase in volatility. EGLD price has reached near the 20-day simple moving average and needs to close above it to rise toward the upper band. If it rejects the 20-day SMA, it might fall back to the lower band.
The long-short ratio of MultiversX is 0.98 with 49.7% longs and 50.3% shorts, implying a slightly higher participation of bears in the last 24 hours.
Conclusion
The market structure and price action of MultiversX show that the price is entering a recovery mode.
Technical Levels
Major support: $22.60 and $21.70.
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
