- MultiversX coin’s volume has decreased by over 8.29% in today’s market session.
- The MultiversX coin is ranked at 50th in terms of market value.
- MultiversX is trading below the 100-day and 200-EMA levels.
MultiversX is a blockchain protocol designed to achieve rapid transaction speeds through sharding. The project presents itself as a technological ecosystem for the emerging internet, encompassing areas such as fintech, decentralized finance, and the Internet of Things (IoT).
The EGLD coin is currently experiencing a downtrend in its price. It has formed a pattern of lower lows, indicating a strong bearish trend.
According to data from LunarCrush, the current trading price of EGLD is $25.66, with a total market volume of $13.29 million. The trading volume has decreased by more than 47.5%, and the overall bearish sentiment has increased by 35%. These factors suggest a negative pattern in the coin’s performance, with bears dominating the market.
The EGLD coin hit an all-time high of $542.58 in November 2021; immediately after this, the coin price started declining. The price declined by more than 95%. The coin’s overall structure indicates weakness, and it is currently following a falling wedge pattern, which is considered negative. The price is likely to decline in the future.
MultiversX (EGLD) Technical Analysis
EGLD by writer50_tcr on TradingView.com
The MultiversX coin is currently facing a bearish trend as indicated by the 50-day and 100-day Exponential Moving Average (EMA) levels trading higher than its price. This suggests a potential price decline in the future.
Additionally, the RSI for MultiversX is currently in the negative zone and is below the SMA, signaling a negative outlook for EGLD and the possibility of a price drop.
Furthermore, the MACD line is trading below the signal line, which is a weak sign for the coin. This crossover represents an increase in bearishness in the stock.
Conclusion
The analysis suggests that the MultiversX (EGLD) coin is currently on a downward trend. Furthermore, the coin’s trading volume has been steadily decreasing. Key indicators such as the RSI, MACD, and EMA are all signaling negative trends for the coin. Notably, the coin’s volume has declined by 47%, indicating a potential price drop shortly.
Technical Levels
- Support Level: $22.18
- Resistance Level: $28.9
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.
