Price Analysis of EGLD (MultiversX) Cryptocurrency: Best levels to buy

MultiversX (EGLD), previously known as Elrond, is a blockchain platform focusing on scalability, speed, and user-friendly tools.

Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it’s advance. Following a resistance breakout, the next closest resistance zone becomes a price target.

Here’s a detailed analysis of its current performance and features.

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EGLD Crypto Price Analysis

EGLD trades at $30.58 – $30.62 across different crypto exchanges.

• Market Cap: $830 million.
• 24-Hour Trading Volume: $70 million.
• Circulating Supply: 23,014,176 EGLD.
• Max Supply: 31,415,926 EGLD.

Img src- Altfins

Price broke out of a Descending pattern and above $30 resistance and 200-day moving average ($31.30), which signals bullish trend reversal. Price could revisit $37 resistance for +20% potential gain. Stop Loss at $26.70. 

Buy Now Weekly Price Analysis

Trend: Short-term trend is Strong Up, Medium-term trend is Up, Long-term trend is Strong Down.

Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently.

Support and Resistance: Nearest Support Zone is $21.00. Nearest Resistance Zone is $37.00.

Key Indicators

1. RSI (Relative Strength Index): Neutral to slightly oversold, indicating potential buying opportunities.
2. Moving Averages:

• 50-Day MA: Showing mild bearish trends.
• 200-Day MA: Suggests long-term resistance near $35.

3. Volatility: Moderate, aligning with broader crypto trends.

News Roundup

• Technology: MultiversX continues to focus on enhancing scalability through its Adaptive State Sharding.
• Adoption: Recently, the Maiar Wallet gained traction, providing users with seamless access to staking.

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