- EGLD Price continues to consolidate in a narrow range for base formation.
- The MultiversX crypto price fell 12% on a monthly basis.
- EGLD crypto trading below the 50 and 200 day EMA showcase downtrend.
EGLD Price corrected 20% approx from the recent swing high at $45.00 and trading near to the lower range support. From the past few weeks, EGLD price is consolidating in the range between $36.00 to $45.00. If the consolidation continues in coming months then it can be interpreted as a long term base formation.
EGLD crypto tries multiple times to break the higher range hurdle but gets rejected shows the strong sellers active on higher levels. Therefore, it will be difficult for the bulls to expand upward until some positive news hits the market.
EGLD Price rejected the 200 day EMA and also dropped below the 50 day EMA. It shows positional as well as short term trend is in downward direction. However, the price is near to the 52 week low which might act as a strong support for the bullish traders.
EGLD Price is trading at $36.37 with an intraday decline of 0.33%. The 24 hour volume to market cap ratio is 0.0399. The pair of EGLD/BTC is trading at $0.01352 with an intraday decline of -0.88%. The chart structure of EGLD/BTC is in downtrend and consolidating near to the yearly lows.
Will EGLD Price break the higher range
EGLD Price performed well in the beginning of 2023 which has created a positive hope for the investors. Sadly, the rally halted near $54.00 and prices witnessed sharp correction.
At the mid of March, EGLD price took support near $36.00 and formed a bullish hammer candle. Later, the price recovered and gave the next attempt to break $50.00. Unfortunately, buyers failed and prices entered into consolidation.
Till buyers defending $32.00 levels the possibility of rebound remains high. However, the price will pick up momentum only after the breakout of the higher range at 45.00. The technical analysis suggests, EGLD price is consolidating for the base formation and the downside seems to be limited.
EGLD crypto lacking downside momentum
EGLD crypto price forming Doji candle on a weekly time frame shows indecisiveness. Bears lacking the downside momentum and buyers are trying their best to defend the support. If prices break down the lower range, it will trigger the negative sentiment and more downside will open.
The technical indicators like MACD had generated a negative crossover and the curve is sloping down. It indicates the price is mildly bearish. The RSI at 35 sloping down denotes prices that may test the neutral territory in coming weeks.
Conclusion
EGLD Price corrected 20% approx from the recent swing high and attempted to break the lower range. However, the confirmation of breakdown is still awaited. Therefore, till price holds $32.00 support the probability of rebound is high.
Technical levels
Resistance levels: $50.00 and $54.00
Support levels: $32.00 and $30.00
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.