MultiversX (EGLD) is moving in an upward price trajectory with the general market trend turning from bearish to bullish. According to CoinMarketCap, the EGLD price has surged by 1.03% over the last 24 hours and 1.05% over the last week.
At the time of writing, EGLD is trading at $3.84, with a trading volume of $6.59 million, which has surged by 18.17% over the last 24 hours. However, its market capitalization stands at $114.11 million, which is also up by 1.02%.
Source: CoinMarketCap
Also Read: EGLD Price at a Crossroads: Will It Hold the $28.8 Support?
EGLD Weekly Support Retest Signals Potential Rally
Furthermore, the crypto analyst Jonathan Carter highlighted that MultiversX (EGLD) is retesting a critical weekly support level as the price touches the lower boundary of a descending channel.
This structure has defined its broader downtrend, making the current zone a key technical area. Historically, such levels attract demand, positioning this retest as a pivotal moment for potential trend reversal in the market.
Descending channels often signal sustained bearish pressure, but their lower boundaries can act as accumulation zones. In EGLD’s case, buyers may attempt to defend this region and trigger a rebound.
A confirmed bounce, supported by increasing volume and stronger structure on lower timeframes, could indicate weakening selling momentum and the early stages of a bullish shift.
Source: Jonathan Carter’s X Post
In case of reversal, several upside price targets would emerge, such as $7, $12, $22, $38, $58, $77, $120, and $200.
Such levels represent critical areas of resistance while the price is climbing. Nevertheless, if the price fails to maintain the support level, then the bearish scenario becomes highly likely.
Momentum Indicators Point to Neutral Price Outlook
According to TradingView, the Relative Strength Index (RSI) stands at 46.52, indicating an attempt by the index to stabilize after being dominated by bearish sentiment.
The RSI has been moving sideways after having moved downwards for several months now. The current position of the RSI above its signal line indicates that there is no more pressure left to sell.
Source: TradingView
The MACD indicator has crossed positively, with the blue line rising above the orange line. Although the indicator is yet to rise above zero, the presence of bars on the histogram indicates the development of positive momentum.
This implies that the downtrend may be weakening, but more volume is needed for the confirmation of the trend reversal.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: MultiversX (EGLD) Price Targets Line Up at $12, $22, and $38 in Recovery Scenario
