MultiversX (EGLD) is lining up a massive breakout to the upside, which has the attention of cryptocurrency analysts and investors. Recently, EGLD reached a high of $77, though it failed to hold its ground, a factor that caused a decline back to $33. Having bottomed at this level, the token bounced back with a vengeance, signaling possible trend change and a strong recovery.
At press time, the token is trading at $38.42, registering a trading volume of $24.20 million over 24 hours, and its market capitalization currently stands at $912.28 million. The price has slightly dropped by 0.44% within the last 24 hours, though the overall sentiment around the token remains optimistic ahead of a new rally.
EGLD Eyes $53.50 After 40% Drop
Renowned crypto analyst Jonathan Carter has expressed a bullish outlook on EGLD’s price trajectory. According to Carter, MultiversX recently faced a steep decline of over 40% after breaching its upward trendline on the daily chart. Despite this downturn, the token remains above the crucial support zone at around $36.00, maintaining relatively low volatility.
Carter points out that the token is forming a descending triangle pattern, a setup that could herald a significant breakout. If EGLD breaks out from this pattern, it could trigger a recovery rally towards the $53.50 resistance level, marking a substantial gain from its current price.
This potential breakout could be driven by increasing buying pressure and improving market sentiment. A relatively stable price action occurred near the support zone, revealing the potential exhaustion of selling interest and a waiting team of buyers ready to take on the journey.
Investors and intraday traders need to be careful about the activity of EGLD around the prices of $36.00 and $53.50. The edge of the descending triangle gives a clear message regarding the start of new uptrend prices, positioning the token for the primary recovery and making it an attractive asset in the crypto market landscape in the prevailing scenario.
According to technical indicators from Changelly, EGLD signals something positive for the months ahead, with the 200-day Simple Moving Average for EGLD projected to soar at $56.75 come July 2, 2024. Even so, the short-term 50-day SMA is poised to hit $61.00 by the same date.
The current Relative Strength Index for EGLD is 44.37, producing a neutral marketplace position. An RSI in a neutral position implies that EGLD is neither overbought nor oversold, thus a balanced outlook for any potential buyer or seller.
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