Deepika- MultiverseX price prediction uncovers the bearish trend of the market since February 2023.
- EGLD price surged 18.73% in the last month
- EGLD witnessed a bullish recovery from its key support.
MultiverseX’s (EGLD) price prediction shows that the crypto came under the bears’ control as the price started falling in February 2023. The EGLD token started the year with a rally of 60% from its swing low to the resistance of $54.23. The market started to weaken, and the sellers started pulling the price down to $28.92. It was followed by a bullish recovery of 25% to the resistance of $36.11.
At the time of writing, the current market price of EGLD is $35.63. The 24-hour trading volume surged by 33.27%. The market is up by 5.04% in the last 24 hours. The overall market cap of EGLD tokens is $915,327,232.
Can MultiverseX Break the Falling Wedge Pattern?
MultiverseX’s (EGLD) price prediction reveals that the cryptocurrency has depreciated by 34% since February 2023. The EGLD price trades below the 200 EMA, which establishes the downtrend. The bulls began to show interest and bought the dip. The bounce allowed the price to pierce through the resistance of $32.62.
Another observation concludes that the market is forming a falling wedge. This pattern is under development as of June 2022. EGLD crypto bounced from its lower trendline while making its way up toward the upper trendline. A successful breakout may push the price by 75% to the resistance level of $70.
The Price is in a Minor Uptrend
A close observation of the 4-hour chart reveals the market is following an uptrend in the shorter timeframe. The EGLD token price created a series of higher highs and higher lows while getting support from a trendline. The Bulls fight hard to escape the resistance level of $36.11.
The price looks bullish as it trades above the 9, 15, and 200 EMAs. The market is making a third attempt to break the resistance. A successful breakout may allow the price to surge 24% to the next resistance at $44.62. The price may move one step closer to breaking the falling wedge, which has a bullish target. It’s important to consider the possibility of rejection from the resistance, which can force the price to test the lower level.
.RSI: The RSI indicator is currently at 62.29 on the 4-hour. The price is in bullish territory and the market is strong. The prices are expected to move up until RSI crosses 50.
MACD: MACD made a bullish crossover. The MACD and signal line has crossed the 0 line. This means the bulls are gaining momentum which may push the price up.
.200 EMA: On the 4-hour chart, the price is trading very close to the 200 EMA. The 200 EMA is flat. These two factors represent a scenario of a sideways market, where the prices move in a range with less momentum.
Conclusion:
MultiverseX (EGLD) price prediction shows that the crypto came under bears control as the price started falling in February 2023. The recent bounce from the support is reviving confidence in the market. The price is trading close to the resistance. EGLD’s short-term future will be decided based on the way the price reacts here. A breakout may extend the recovery, while a rejection will continue its overall bearish trend.
Technical Levels
- The nearest support: $36.11
- The nearest resistance: $32.62
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 assets comes with a risk of financial loss.
