MultiversX Price Prediction: Will EGLD Rebound From Here?

• The current market price of EGLD is $25.
• The price of EGLD is trading below the 50-day and 100-day EMA.
• The current market cap of the EGLD coin is $646.26 Million.

The price of the EGLD coin is showing signs of a downward momentum. The EGLD price is moving by forming a lower-low pattern.

The market cap of EGLD is $646.26 Million. The EGLD coin is currently trading at $25. In a month, the coin experienced a decline of over 23.6%.

A 52-week high for the EGLD coin was $63.76 and the 52-week low was $24.6. The average volume for the coin is $12.2 Million and the total supply of the coin is 25,896,445 EGLD.

The price of EGLD reached a high of $542.58 on 23 November 2021 and since then, the price began to fall sharply. In 2 years, the EGLD coin price dropped by around 95%.

Currently, the price of the EGLD coin is moving near to the all-time low level. This indicates that the EGLD coin is developing a negative structure.

As per the technical indicators summary widget available on TradingView, out of the total 26 indicators, only 1 indicator is showing a buy signal and 15 are showing a sell signal. Therefore, this indicates that the EGLD coin is in a downtrend.

EGLD is Trading in a Downward Direction

EGLD Price Analysis

EMA

The EGLD price is developing an unstable pattern and the price is trading below the 50-day and 100-day EMA. This indicates that the EGLD price will drop in the near future.

RSI

EGLD’s weekly RSI is extremely close to the 30 level which shows that buyers are losing interest and sellers are taking a position. This illustrates that the price of EGLD is falling.

Volume

The volume of the EGLD coin shows a decrease in trading volume. Sellers are trying to control the price. The decline in market activities indicates that the price might decrease in the upcoming days.

Conclusion

As per the analysis, the indicators indicate that the market may decline. The MultiversX Price changed direction from the resistance level and might move down. 

The MultiversX Price is currently showing a reversal from the resistance, which is negative news for the currency. EGLD recently touched its all-time low. Also, bearish signs are being generated by the RSI and EMA. As a result, the EGLD coin’s overall trend is downwards.

Technical Levels

• Support level: $24
• Resistance level: $29

Disclaimer

Only for informational purposes, the author’s views and opinions, or those of anybody else named in this article. They do not give investing, financial, or other advice. Loss of money can occur when buying, selling, or investing in cryptocurrencies.