Home
News
- 1 The EGLD/USD daily chart shows the formation of an Inverted head and shoulders pattern.
- 2 MultiversX crypto currently trades at $56.40, recording a 1.05% loss intraday.
The MultiversX is fluctuating near the 50-Day EMA for the last four to five weeks and trying to stabilize near it. The crypto experienced a sharp fall in January after the buyers attempted to surpass a round level of $75.
However, the sellers could not continue to lower the EGLD price for more and started struggling near the 50-Day EMA. The buyers established themselves near the 50 day EMA and halted the further downward momentum.
Looking closely over the daily chart, An inverted head and shoulders pattern is observed on the charts with the price currently busy forming the right shoulder of the pattern.
At the time of writing, the EGLD crypto was at $56.40 with a swift intraday loss of 1.05%. It has a market capitalization of $1.499 Billion and ranks 51st among all cryptos. The volume to market cap ratio is 2.30%, suggesting very low volatility.
MultiversX Crypto Volume Analysis
The Volume Analysis shows that the EGLD (Elrond Crypto) had a 24-hour trading volume of $32.465 Million with a drop of 46.47% as compared to the previous day. The volume dropped along with the drop in the price suggesting weak selling pressure in the market.
MultiversX Crypto Trend Analysis
The long term trend is positive until the crypto is maintained above the 200-Day EMA. However, the recent selloff had turned the short term trend towards the negative side.
Now, the breakout above the neckline of the inverted head and shoulders pattern may invite more buyers to participate in the breakout and the crypto may experience a short term bullish rally.
Fresh upside moves might be observed if the crypto surpasses the $60 level after which the crypto may test $70 and new swing highs may be registered in the chart.
Moreover, if the sellers dominate and the crypto breaks below $50, it may invalidate the Inverted head and shoulders pattern and the crypto may retrace till the 200-Day EMA.
MultiversX Price Prediction for February 2024
The positive view of analysts predicts an upside potential of over 22.4% by February end, after the breakout of the neckline of head and shoulders pattern. It could take the price back to the recent high of $70 and $75 levels.
On the other hand, the bearish view of analysts hopes the price will break below the $50 level after which it could drop near $45 and $40 level.
MultiversX Price Prediction for 2024
The price prediction for 2024 shows that the MultiversX may advance to a high of $94.4 by the end of 2024. The less optimistic analysts estimate a price target of $75.88 by the end of the year.
MultiversX Price Prediction for 2025
As per the most positive view of our analysts, the price may hit the $154.809 mark, suggesting an upside potential of 172.2% by 2025. The pessimistic view is that the price could reach $106.85 by the end of the financial year 2025.
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.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
