EGLD Price Prediction: MultiversX Price Holds $40; What Next?
- 1 EGLD price prediction suggests this crypto is undervalued so a decent rally is possible in the coming months.
- 2 MultiversX price sustains above the 200-day EMA showcasing an uptrend.
- 3 EGLD crypto price is consolidating near the supply zone.
EGLD price prediction suggests a rise in the short term as well for the long term. This crypto is undervalued so it may perform well in the coming months.
The chart structure of MultiversX crypto is bullish and buyers can successfully hold the $40.00 support. It shows that buyers are active at lower levels and the downside risk is low.
Moreover, ELGD price sustaining above the 50-day EMA and 200-day EMA showcase an uptrend. If any short-term correction triggers from the current levels then EMAs will act as a strong support for the bulls.
At the beginning of November, EGLD crypto price shot up 38% in a single day and broke out of the $40.00 hurdle.
It panicked the sellers and they lost control of the $40 supply zone. However, the buyers failed to give the follow-up momentum, and the price got stuck in a narrow-range consolidation.
At the time of breakout, the buying volume increased rapidly which indicates some big players might have injected the money. So, the price is likely to sustain the higher levels.
Currently, the EGLD/USDT price is trading at $44.22 with a one-day rise of 1.80%. The 24-hour volume to market cap is 2.88%.
EGLD Price Analysis: Will Bulls Win the Battle and Break $50 Hurdle?
Source: EGLD/USDT daily chart by Tradingview
EGLD price prediction says that bulls will lead the rally and a new swing high may be visible in the coming months.
The buyers look more aggressive as compared to the sellers so the probability of the upward range expansion remains high. Moreover, the overall crypto market sentiment is positive so it indirectly favors the EGLD bulls.
Till the MultiversX price holds the $40.00 level, the investors may seek to buy on dips to generate nominal returns. On the other hand, if the situation reverses and the price slips below $40, then a 10% to 15% sharp decline may be visible.
When Will the Next Direction be Visible for MultiversX?
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MultiversX price is forming a bullish hammer candle on the weekly time frame. It shows the strength and the confidence of the bulls. The next direction will be visible when buyers or sellers break either side of the range.
Till then, the price is expected to spend time in the narrow range consolidation. The supertrend says till the price sustains above $34.00, the short-term trend will remain upward. However, the MACD sloping sideways denotes more consolidation is possible in the price.
EGLD price prediction is bullish for the long term and suggests a rally has just begun. The price action tells the traders that after a few weeks of consolidation, MultiversX price will break the $50 hurdle and expand the range upward.
- Resistance levels: $53.48 and $64.10
- Support levels: $38.07 and $32.00
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.