- EGLD price surged 20% on a single day and attempted to break the $50 hurdle.
- MultiversX price breakout of the narrow range consolidation.
- EGLD price climb above 50 day EMA showcase short term uptrend.
EGLD price surged 20% on a single day and up by 23% approx on a weekly basis. EGLD crypto breakout of the $44.00 hurdle with strong momentum shows aggressive buyers returning back to track. The trading volume also increased 660% and prices followed the upward direction. It indicates some genuine investors had taken long positions and expecting the prices to continue the upward momentum.
EGLD price climbed above the 50 day EMA shows short term trend has turned bullish. However, the positional trend will turn bullish when buyers succeed to break the 200 day EMA.
EGLD price is trading at $47.88 with an intraday rise of 15.23%. The 24 hour volume to market cap ratio at 0.1313. The pair of EGLD/BTC is trading at 0.001630 with an intraday rise of 11.57%. The chart structure of EGLD with BTC pair had also shown a massive spike in the buying volume and prices also gained positive momentum. It indicates buyers are getting active on both the pairs which increases the confidence of the investors.
At the mid of February, MultiversX price attempted to break the $50.00 hurdle. Sadly prices failed to hold the higher levels and got rejected. Slow and steady, it began to decline by forming lower lows and eroded all its previous gains.
Is the Up-move in EGLD price reliable or a trap?
EGLD price downfall halted at $36.00 and formed a bullish hammer candle. It showed signs of a bullish trend reversal and the price recovered 30% approx from the lows. EGLD price consolidated for a few weeks in the narrow range between $36.00 to $44.00. Finally the EGLD crypto price breakout of the range and expanded upside.
If the buyers succeed to hold the price above $44.00 level then the breakout is considered as reliable. It will increase the probability of continuing the upward momentum. On the other hand, if the price drops below $40 then we may say that the up-move is a bull trap.
EGLD crypto is in initial phase of trend reversal
EGLD crypto price will turn bullish for the long term when buyers succeed to break the $54.00 hurdle. Presently, the price is in the initial phase of trend reversal and bulls are trying to gain the confidence of the investors. The overall market sentiment is also bullish which will positively impact the Altcoins prices. The technical analysis suggests, EGLD price is in bulls grip and if price holds 50 day EMA then more upward momentum is possible.
Conclusion
EGLD price surged 20% on a single day and breakout the higher range of consolidation. MultiversX price forming bullish pattern and turned the short term trend in the upward direction. The technical analysis says, Till prices sustain above $44.00 the up-move is reliable and the rally may continue. However, if the price drops below the $40.00 then the breakout will be considered as a trap.
Technical levels
Resistance levels : $54.00 and $64.00
Support levels : $40.00 and $36.00
Disclaimer
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.