- The MultiverseX coin price has melted down by 95% from its all-time high level.
- The MultiverseX coin has formed a falling wedge pattern on the daily chart.
- The coin is trading below the 50-day and 200-day Exponential Moving Averages.
In the current trading session, the MutiverseX coin is trading with a decline of $0.05 or 0.22%. The coin price has declined by over 6% in a week and 2% in a month. It indicates that the coin’s price was under the control of bears over this period. However, the bulls tried to dominate but they soon sacrificed their gains to the bears.
The MultiverseX coin price has melted down over 95%after November 2021. Since then, the coin price has witnessed an absolute dominance of the bears. However, before this fall, the coin price had surged by over 6950% after the listing.
The MultiverseX coin price seems to form a base at the current levels. It is trading in a tight range between $27 and $22. This price action is creating a bullish angle for the coin. The coin price is forming a pin bar candle on the chart at the support level, which is also a bullish sign.
Abstract of the Multiverse (EGLD) Chart
The EGLD coin is trading inside the falling wedge pattern on the daily chart. Currently, the coin price is trading very close to the lower level of this pattern. The upper level of the pattern is present near the price of $26.65. If we observe the chart, it is clearly visible that the coin is trying to create a double bottom pattern here.
The EGLD coin price has formed a bearish structure on the chart, as the coin is forming a lower high and lower lows pattern. This pattern created some demand and supply zones for the price. The resistance levels for the price are present at $28.72 and $38.41. As for the support levels, they are present at $22.20 and $15.27 levels.
What are Exponential Moving Averages and Relative Strength Index Indicating?
Both the Indicators i.e. EMAs and RSI currently indicate that the coin price is currently bearish. Let’s discuss this in brief:
Exponential Moving Averages
The coin price is currently trading below both the 50-day and 200-day exponential moving averages (EMAs). Additionally, there is a huge gap between the moving averages which shows that the price has declined aggressively. The coin price is facing rejection from the 50-day EMA.
Relative Strength Index
The relative strength index (RSI) is currently placed at 38.14, which is a bearish sign. The slope of the RSI is also in the downward direction, which supports the above statement. However, the RSI showed a divergence, which indicates that the price can show some positive upside in the coming days.
Conclusion
The EGLD coin is trading at the lower level of a falling wedge pattern, which is also at the previous support level. The RSI has shown a divergence before, which can help the price to move up. If the price rises from here, then it can move towards the levels of $28.72 and $38.41. If the price breaks the support level of $22.20, then it can move toward the level of $15.27.
Technical level
Resistance – $28.72 and $38.41
Support – $22.20 and $15.27
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.