MultiversX Price Prediction: EGLD At All-time Low, Will It Rebound?

• MultiversX coin is ranked as #53 as per the market cap,
• The MultiversX coin has a total supply of 25,936,873 EGLD.
• MultiversX (EGLD) has a market cap of $641.88 Million.

MultiversX (EGLD) coin is trading in a downward momentum. The price of EGLD is forming a lower-low pattern. The price of the EGLD coin is creating a strong bearish pattern.

Financial Data of MultiversX (EGLD)

The MultiversX (EGLD) price as of 8 September 2023 is $24.76 with a 24-hour trading volume of $10,118.499. The MultiversX coin price has increased by $0.03 in the past 24 hours.

Currently, MultiversX ranks at #53 on CoinMarketCap. The CoinMarketCap live market cap is $641,520,810. The total circulating supply of MultiversX coins is 25,931,721. The maximum circulating supply is 31,415,926.

The Open Interest of the MultiversX coin is $14.20 Million. The OI has decreased by almost 1.2% as of 8th September. The EGLD coin made an all-time high of $542.58 on November 23, 2021, which was two years ago. Currently, the price is 95.44% below the high. 

The price of EGLD declined by 51.52% in the last year. The overall structure of the coin is creating a weak structure. This is a negative signal for the coin.

The technical summary indicator by Trading View is displaying a negative signal on the EGLD coin. Out of the total 26 indicators, the majority of the indicators give a sell signal and only a few are positive on the coin. The probability of the price falling is higher.

MultiversX (EGLD) Technical Analysis

The 50-day and the 100-day moving average level (EMA) level are trading higher than the price of MultiversX. This is bearish indication for MultiversX. The price is likely to decline in the future.

The Relative Strength Index (RSI) of MultiversX is currently in the negative zone. The RSI is below the Simple Moving Average (SMA). This is a negative sign for EGLD which can cause a price drop. 

Conclusion 

The analysis shows that the price of MultiversX (EGLD) coin is trending down. The volume of EGLD coins is also decreasing. Indicators like RSI, MACD, and EMA are giving negative signals for the coin. The volume of the coin declined by 18%. Hence, the price of the coin is likely to fall in the upcoming days.  

Technical Levels

• Support Level: $6.8
• Resistance Level: $16.3

Disclaimer

The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.